2016 Sales revenue Cost of goods sold Net income Dividends Earnings per share $216,000 125,000 8,400 2,700 4.20 Hi-Tech Instruments, Inc. Balance Sheet Dec 31, 2016 Dec. 31, 2015 (Thousands of Dollars) Assets Cash $18,300 46,000 39,500 103.800 52.600 15,600 $172.000 $18,000 41.000 43.700 102.700 50.500 13.800 $167.000 Accounts receivable (net) Inventory Total current assets Plant assets (net) Other assets Total assets Liabilities and Stockholders Equity Notes payable-banks Accounts payable Accrued liabilities Total current liabilities 99 Bonds payable Total liabilities Common stock, 525 par value 2.000.000 share Retained earnings Total stockholders equity Totalliester and stockho de que $6,000 22.500 16.500 45.000 40.000 85.000 50.000 27.000 56.000 18,700 21.000 45.700 40.000 85.700 50 000 $1 ,000 Industry Average Ratios for Competitors Quick ratio 1.3 Current ratio 2.4 Accounts receivable turnover 5.9 times Inventory turnover 3.5 times Debt-to-equity ratio 0.73 Gross profit percentage 42.8 percent Return on sales 4.5 percent Return on assets 7.6 percent Calculate the company's return on sales for 2016. Round answer to one decimal place. (Ex.: 0.2345 = 23.5%) Compare the result to the industry average, Hi-Tech Instruments ratio is higher than the industry average. Heech instruments ratio is lower than the industry average