Using the tables below, conduct a complete ratio analysis of the Bartlett Company for the years 2018 and 2019. You should assess the firm's liquidity, activity, debt, and profitability ratios. Highlight any particularly positive or negative developments that you uncover when comparing ratios from 2018 and 2019.

Bartlett Company Income Statements

For the years ended December 31

2019 2018

Sales revenue 3,100 2,580

Less: Cost of goods sold 2,086 1,707

Gross profits 1,014 873

Less: Operating expenses

Selling expense 95 110

General and administrative expenses 198 181

Other operating expenses 36 36

Depreciation expense 243 224

Total operating expense 572 551

Operating profits 442 322

Less: Interest expense 104 87

Net profits before taxes 338 235

Less: Taxes 94 68

Net profits after taxes 244 167

Less: Preferred stock dividiends 10 10

Earnings available for common stockholders 234 157

Earnings per share (EPS) 3.07 2.06

Dividend per share (DPS) 1.29 0.75

Bartlett Company Balance Sheets

2019 2018

Assets

Cash 365 288

Marketable securities 65 50

Accounts receivable 503 360

Inventories 295 298

Total current assets 1,228 996

Land and buildings 2,078 1,907

Machinery and equipment 1,861 1,693

Furniture and fixtures 357 315

Vehicles 277 315

Other (includes financial leases) 97 104

Total gross fixed assets (at cost) 4,670 4,334

Less: Accumulated depreciation 2,295 2,059

Net fixed assets 2,375 2,275

Total assets 3,603 3,271

Liabilities and Stockholders' Equity

Accounts payable 385 270

Notes payable 83 103

Accruals 160 114

Total current liabilities 628 487

Long-term debt (includes financial leases) 1,011 961

Total liabilities 1,639 1,448

Preferred stock: cumulative 5%, $100 par

2,000 shares authorized and issued 200 200

Common stock: $2.50 par, 100,000 shares

authorized, shares issued and outstanding in

2019: 76,262 in 2018: 76,244 195 195

Paid-in capital in excess of par on common stock 426 421

Retained earnings 1,143 1,007

Total stockholders' equity 1,964 1,823

Total liabilities and stockholders' equity 3,603 3,271

Bartlett Company Statement of Retained Earnings ($000) for the year ended December 31, 2019

Retained earnings balance (January 1, 2019) $1,007

Plus: Net profits after taxes (for 2019) 244

Less: Cash dividends (paid during 2019)

Preferred stock 10

Common stock 98

Total dividends paid 108

Retained earnings balance (December 31, 2019) 1,143