Using Tables 3.1, 3.2, and 3.3, 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.

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Bartlett Company Income Statements ($000) TABLE 3.1 For the years ended December 31 2019 2018 Sales revenue $3,074 $2,567 Less: Cost of goods sold 2,088 1,711 $ 986 $ 856 Gross profits Less: Operating expenses $ 100 $ 108 Selling expense General and administrative expenses 194 187 Other operating expenses Depreciation expense 35 35 239 223 $ 568 $ 553 Total operating expense $ 418 $ 303 Operating profits Less: Interest expense 93 91 $ 325 $ 212 Net profits before taxes Less: Taxes 94 64 $ 231 $ 148 Net profits after taxes Less: Preferred stock dividends 10 10 $ 221 $ 138 Earnings available for common stockholders Earnings per share (EPS)ª $2.90 $1.81 Dividend per share (DPS) $0.75 $1.29 "Calculated by dividing the earnings available for common stockholders by the number of shares of common stock outstanding: 76,262 in 2019 and 76,244 in 2018. Earnings per share in 2019: $221,000 ÷ 76,262 = $2.90; in 2018: $138,000 76,244 = $1.81. Calculated by dividing the dollar amount of dividends paid to common stockholders by the number of shares of common stock outstanding. Dividends per share in 2019: $98,000 ÷ 76,262 = $1.29; in 2018: $57,183 ÷ 76,244 $0.75.