1. Calculate the companys average income tax rate. (Hint: You must first determine the earnings before taxes.)

2. Calculate the amount of total current assets.

3. Calculate the amount of working capital and the current ratio at December 31, 2019. Assess the companys overall liquidity.

4. Calculate ROI (including margin and turnover) and ROE for the year ended December 31, 2019.

5. Calculate the amount of dividends declared and paid during the year ended December 31, 2019. (Hint: Do a T-account analysis of retained earnings.)

Gerrard Construction Co. is an excavation contractor. The following summarized data (in thousands) are taken from the December 31, 2019, financial statements: $132,600 37,200 22,500 $ 72,900 33,120 11,100 $ 28, 680 For the Year Ended December 31, 2019: Net revenues Cost of services provided Depreciation expense Operating income Interest expense Income tax expense Net income At December 31, 2019: Assets Cash and short-term investments Accounts receivable, net Property, plant, and equipment, net Total assets Liabilities and Stockholders' Equity Accounts payable Income taxes payable Notes payable (long term) Paid-in capital Retained earnings Total liabilities and stockholders' equity $ 9,900 30,900 244,200 $285,000 $ 5,250 5,550 144,000 30,000 100, 200 $285,000 Average income tax rate Cash and short-term investments Accounts receivable, net Total current assets Working capital Current ratio The company's overall liquidity is ROI Margin Turnover ROE Dividends declared and paid Dividends declared and paid