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Please give a detailed analysis of the financial statements given below for Joshua & White Technologies. Your analysis should include answers to the questions as follows $($not limited to these questions$)$:

$$ Has the company$$s liquidity position improved or worsened? How$$s it compared with the industry average?

$$ Has the company$$s ability to manage its assets improved or worsened? How$$s it compared with the industry average?

$$ How has the company$$s profitability changed during the last year? How$$s it compared with the industry average?

Note: you may need to research on the industry average on financial ratios for Information Technology companies.

Joshua & White Technologies: December $31$ Balance Sheets

$($Thousands of Dollars$)$

Assets $20192018$

Cash and cash equivalents $$21,000$ $$20,000$

Short$-$term investments $3,7593,240$

Accounts Receivable $52,50048,000$

Inventories $84,00056,000$

Total current assets $$161,259$ $$127,240$

Net fixed assets $223,097200,000$

Total assets $$384,356$ $$327,240$

Liabilities and equity

Accounts payable $$33,600$ $$32,000$

Accruals $12,60012,000$

Notes payable $19,9296,480$

Total current liabilities $$66,129$ $$50,480$

Long$-$term debt $67,66258,320$

Total liabilities $$133,791$ $$108,800$

Common stock $178,440178,440$

Retained Earnings $72,12540,000$

Total common equity $$250,565$ $$218,440$

Total liabilities and equity $$384,356$ $$327,240$

Joshua & White Technologies December $31$ Income Statements

$($Thousands of Dollars$)$

$20192018$

Sales $$420,000$ $$400,000$

COGS except excluding depr. and amort. $300,000298,000$

Depreciation and Amortization $19,66018,000$

Other operating expenses $27,60022,000$

EBIT $$72,740$ $$62,000$

Interest Expense $5,7404,460$

EBT $$67,000$ $$57,540$

Taxes $(25\%)16,75014,385$

Net Income $$50,250$ $$43,155$

Common dividends $$18,125$ $$17,262$

Addition to retained earnings $$32,125$ $$25,893$

Other Data $20192018$

Year$-$end Stock Price $$90\mathrm{.}00$ $$96\mathrm{.}00$

# of shares $($Thousands$)4,0524,000$

Lease payment $($Thousands of Dollars$)$ $$20,000$ $$20,000$

Sinking fund payment $($Thousands of Dollars$)$ $$5,000$ $$5,000$

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