(Common-size analysis and differences in profitability and leverage) Comparative financial statement data for Cool Brewery Ltd. and Northern Beer Ltd., two competitors, follow (amounts in thousands): Cool Brewery Ltd. Northern Beer Ltd. 2020 2019 2020 2019 Net sales $214,040 $40,450 Cost of goods sold 100,850 16,600 Operating expenses 81,360 14,570 Interest expense 7,890 390 Income tax expense 4,620 1,090 Cash 11,690 $9,490 4,670 $2,680 Other current assets 77,820 83,860 8,500 6,950 Long-term assets (net) 191,930 193,340 30,610 30,120 Current liabilities 75,220 59,230 3,920 4,280 Long-term liabilities 99,310 114,940 7,240 7,050 Share capital 52,600 44,900 17,800 15,000 Retained earnings 54,310 67,620 14,820 13,420 Prepare a common-size analysis for 2020 for Cool Brewery Ltd. and Northern Beer Ltd. (Round percentage answers to 1 decimal place, e.g. 15.1%.) Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Net earnings Cool Brewery $ $ 214,040 (100,850) 100 Northern Beer de % $ 47.11 i % (16,6( (81,360) i 37.98 i % (14,5 7,890 i 3.68 i % 4,620 19,380 2.15 % 9.08 % $ 3 1,0 Calculate the return on assets and the return on shareholders' equity for both companies. (Round answers to 1 decimal place, e.g. 15.1%.) Return on assets Return on shareholders' equity eTextbook and Media * Your answer is incorrect. Cool Brewery Northern Beer 11.22 % 17.66 % 22.21 do 30.40 % Calculate the debt to equity ratio for both companies at the end of 2020. (Round answers to 2 decimal places, e.g. 0.84.) Debt to equity ratio Cool Brewery eTextbook and Media * Your answer is incorrect. 1.63:1 Northern Beer 0.39:1 Calculate the net debt as a percentage of total capitalization for both companies. (Round answers to 1 decimal place, e.g. 15.1%.) Cool Brewery Net debt as a percentage of total capitalization Northern Beer 62 % 28.50 do %