The following balance sheets for Eli Lilly and Company and Pfizer, Inc., were extracted from the…

The following balance sheets for Eli Lilly and Company and Pfizer, Inc., were extracted from the SEC’s EDGAR database: Required a. Calculate the debt and equity composition ratios (vertical analysis) of each company for 1997 and 1996. b. Which company has a lower risk of default on its long-term debt? c. What is each company’s apparent debt management strategy? d. What other indicators might be used to assess each company’s risk of default? e. Concentrate specifically on each company’s noncurrent liabilities. What items are similar for both companies? Different? Explain any unusual terms. What other information would you like to examine before fully answering all these questions? f. Compare and contrast the 1997 and 1996 composition ratios for Eli Lilly and Pfizer. Which company seems to be the most conservative in managing its liabilities? Why? Does the relative difference in size of these two companies have an impact on your evaluation of each company’s liabilities? Why?

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