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The 2017 financial statements for Armstrong and Blair companies are summarized below:

	Armstrong Company				Blair Company
Statement of Financial Position
Cash	$	35,800			$	33,000
Accounts receivable (net)		32,000				45,000
Inventory		210,000				36,500
Property, plant, and equipment (net)		172,500				475,000
Other non-current assets		96,000				330,000
Total assets	$	546,300			$	919,500
Current liabilities	$	127,500			$	42,500
Long-term debt (10%)		91,500				84,000
Share capital		182,500				575,000
Contributed surplus		52,000				131,000
Retained earnings		92,800				87,000
Total liabilities and shareholders equity	$	546,300			$	919,500
Statement of Earnings
Sales revenue (1/3 on credit)	$	560,000			$	920,000
Cost of sales		(308,000	)			(460,000	)
Expenses (including interest and income tax)		(190,400	)			(349,600	)
Net earnings	$	61,600			$	110,400

Selected data from the 2016 statements follows:

Accounts receivable (net)	$	31,000			$	51,000
Inventory		81,000				26,000
Long-term debt		91,500				84,000
Other data:
Share price at end of 2017	$	18			$	15
Income tax rate		30	%			30	%
Dividends declared and paid in 2017	$	47,000			$	260,000
Number of common shares during 2017		15,000				50,000

The companies are in the same line of business and are direct competitors in a large metropolitan area. Both have been in business approximately 10 years, and each has had steady growth. The management of each has a different viewpoint in many respects. Blair Company is more conservative, and as its president said, "We avoid what we consider to be undue risk." Neither company is publicly held. Armstrong Company has an annual audit by an independent auditor, but Blair Company does not.

Required:
1.	Complete a schedule that reflects a ratio analysis of each company. Use ending balances if average balances are not available. (Round intermediate calculations and final answers to 2 decimal places.)

2.	Not available in Connect.

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