Comparative financial statements for Sheridan and Grouper Ltd. are shown below.

SHERIDAN AND GROUPER LTD. Income Statement Year Ended December 31
		2021			2020
Net sales		$890,000			$850,000
Cost of goods sold		615,000			570,000
Gross profit		275,000			280,000
Operating expenses		154,000			150,000
Profit from operations		121,000			130,000
Other revenues and expenses
Interest expense		30,000			20,000
Profit before income tax		91,000			110,000
Income tax expense		27,000			25,000
Profit		$64,000			$85,000

SHERIDAN AND GROUPER LTD. Balance Sheet December 31
Assets		2021		2020		2019
Cash		$93,000		$86,000		$10,000
Accounts receivable		115,000		110,000		96,000
Inventories		140,000		135,000		96,000
Prepaid expenses		25,000		25,000		115,000
Land, buildings, and equipment		390,000		305,000		300,000
Total assets		$763,000		$661,000		$617,000
Liabilities and Shareholders Equity
Liabilities
Notes payable		$110,000		$100,000		$100,000
Accounts payable		45,000		42,000		60,000
Accrued liabilities		32,000		45,000		30,000
Bonds payable, due 2024		190,000		150,000		174,000
Total liabilities		377,000		337,000		364,000
Shareholders equity
Common shares (20,000 issued)		200,000		200,000		200,000
Retained earnings		186,000		124,000		53,000
Total shareholders equity		386,000		324,000		253,000
Total liabilities and shareholders equity		$763,000		$661,000		$617,000

Additional information:

1.		Seventy-five percent of the sales were on account.
2.		The allowance for doubtful accounts was $3,000 in 2021, $4,500 in 2020, and $2,500 in 2019.
3.		In 2021 and 2020, dividends of $3,000 and $8,000, respectively, were paid to the common shareholders.
4.		Cash provided by operating activities was $103,500 in 2021 and $120,000 in 2020.
5.		Cash used by investing activities was $115,500 in 2021 and $32,000 in 2020.

Question -

Profitability Ratios
	11.		Gross profit margin			%			%
	12.		Profit margin			%			%
	13.		Asset turnover			times			times
	14.		Return on assets			%			%
	15.		Return on equity			%			%
	16.		Earnings per share		$			$
	17.		Payout ratio			%			%