Sachiko is a comprehensive case on financial statement analysis within an international context. Upon reviewing the financial statements and relevant footnotes of Sachiko Corporation, a Japanese company, and U.S.‐based Radiance Inc., you are required to restate the two companies' financials to evaluate whether the revised ratios are consistent with each company's strategy and business environment and, subsequently, to recommend the better investment prospect. The case provides a forum for you to examine the role of environmental differences (cultural, institutional, business, and financial reporting) in interpreting the risk and profitability ratios in an international context.

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