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		$214,030				$44,070
Cost of goods sold		108,920				15,090
Operating expenses		80,170				17,160
Interest expense		7,180				390
Income tax expense		4,640				1,060
Cash		11,200		$10,560		4,480		$2,550
Other current assets		81,630		84,080		8,470		7,020
Long-term assets (net)		220,930		206,490		31,160		31,400
Current liabilities		72,360		65,020		4,100		4,000
Long-term liabilities		103,540		113,250		8,140		7,500
Share capital		52,600		50,400		16,500		15,600
Retained earnings		85,260		72,460		15,370		13,870

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%.)

		Cool Brewery				Northern Beer
Select an item. Cost of goods soldIncome tax expenseInterest expenseNet earningsNet salesOperating expenses		$Enter a dollar amount.		Enter percentages rounded to 1 decimal place. %		$Enter a dollar amount.		Enter percentages rounded to 1 decimal place. %
Select an item. Cost of goods soldIncome tax expenseInterest expenseNet earningsNet salesOperating expenses		Enter a dollar amount.		Enter percentages rounded to 1 decimal place. %		Enter a dollar amount.		Enter percentages rounded to 1 decimal place. %
Select an item. Cost of goods soldIncome tax expenseInterest expenseNet earningsNet salesOperating expenses		Enter a dollar amount.		Enter percentages rounded to 1 decimal place. %		Enter a dollar amount.		Enter percentages rounded to 1 decimal place. %
Select an item. Cost of goods soldIncome tax expenseInterest expenseNet earningsNet salesOperating expenses		Enter a dollar amount.		Enter percentages rounded to 1 decimal place. %		Enter a dollar amount.		Enter percentages rounded to 1 decimal place. %
Select an item. Cost of goods soldIncome tax expenseInterest expenseNet earningsNet salesOperating expenses		Enter a dollar amount.		Enter percentages rounded to 1 decimal place. %		Enter a dollar amount.		Enter percentages rounded to 1 decimal place. %
Select a closing name. Cost of goods soldIncome tax expenseInterest expenseNet earningsNet salesOperating expenses		$Enter a total amount.		Enter percentages rounded to 1 decimal place. %		$Enter a total amount.		Enter percentages rounded to 1 decimal place. %

eTextbook and Media

Calculate the return on assets and the return on shareholders equity for both companies. (Round answers to 1 decimal place, e.g. 15.1%.)

		Cool Brewery		Northern Beer
Return on assets		Enter percentages rounded to 1 decimal place. %		Enter percentages rounded to 1 decimal place. %
Return on shareholders equity		Enter percentages rounded to 1 decimal place. %		Enter percentages rounded to 1 decimal place. %

eTextbook and Media

Calculate the debt to equity ratio for both companies at the end of 2020. (Round answers to 2 decimal places, e.g. 0.84.)

		Cool Brewery		Northern Beer
Debt to equity ratio		Enter debt to equity ratio rounded to 2 decimal places.		Enter debt to equity ratio rounded to 2 decimal places.

eTextbook and Media

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		Northern Beer
Net debt as a percentage of total capitalization		Enter percentages rounded to 1 decimal place.