a) Quick Ratio Calculate the company's quick ratio for 2016 and compare the result to the industry average. b) Current Ratio Calculate the companys current ratio for 2016 and compare the result to the industry average. c) Accounts Receivable Turnover Calculate the companys accounts receivable turnover for 2016 and compare the result to the industry average.

SHORT EXERCISES wine financial data for Hi-Tech Instruments to answer Short Exercises 13-1 through 13-10: Use the following financi 2016 (Thousands of Dollars, except Earnings per Share) Sales revenue. . . . . . . . Cost of goods sold. Net income........ Dividends .......... Earnings per share..... ......................... ... me ...................................................................... Dividends..... ............................................... ninas per share ... . ............................................ $210,000 $210,000 125,000 8,300 8.300 2,600 4.15 4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Dec. 31, 2016 Dec. 31, 2015 $ 18,300 46,000 39,500 Assets Cash......... Accounts receivable (net). ... Inventory..... Total Current Assets..... Plant assets (net) ....... Other assets.......... Total Assets . . . . . . . . . 103,800 52,600 15,600 $172,000 $ 18,000 41,000 43,700 102,700 50,500 13,800 $167,000 $ 6,000 18,700 21,000 45,700 40,000 Liabilities and Stockholders' Equity Notes payable-banks... Accounts payable....... Accrued liabilities . . . . . . . . . . . Total Current Liabilities. ..... 9% Bonds payable...... Total Liabilities . . . . . . . ................ ............... Common stock, $25 par value (2,000,000 shares)............... Retained earnings ............................. Total Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . Total Liabilities and Stockholders' Equity . . . . . . . . . . . . . . . . . . . . . . $ 6,000 22,500 16,500 45,000 40,000 85,000 50,000 37,000 87,000 $172,000 85,700 50,000 31,300 81,300 $167,000