Calculate the return on assets

Question 3 Your answer is partially correct. Try again. Blossom Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Blossom Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash Accounts receivable, net Inventory Other current assets $300,000 $417,400 776,400 681,000 247,000 2,382,000 2,121,800 8,401,900 $12,156,310 $10,523,700 1,065,000 717,000 300,000 Total current assets Property, plant, & equipment, net 9,774,310 Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt $3,100,000 $2,846,000 3,702,600 3,892,600 6,738,600 50,000 103,800 5,203,710 3,631,300 3,785,100 Total liabilities and stockholders' equity $12,156,310 $10,523,700 Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings 6,802,600 50,000 100,000 Total stockholders' equity 5,353,710 Blossom Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid $10,000,000 $9,613,900 5,298,700 4,315,200 2,634,100 1,681,100 308,600 1,372,500 411,750 $960,750 4,000,000 6,000,000 2,840,200 3,159,800 300,000 2,859,800 857,940 $2,001,860 29,450 400,000 429,450 1,572,410 3,631,300 Preferred dividends 29,450 400,000 429,450 531,300 3,100,000 $5,203,710 $3,631,300 Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year Calculate the following profitability ratios for 2016, (Round answers to 1 decimal place, eg. 50.1%.) 60.0 a. Gross margin percentage 17.7 b. Return on assets 43.2 c. Return on common stockholders' equity Click if you would like to Show Work for this question: Open Show Work