Comparative Income Statements For the Years Ended December 31 2014 $68,222 $56,741 $51,407 $43,377 $40,238 33,125 27,872 25,076 22,141 20,989 5,097 28,869 26,331 21,236 19,249 2016 2015 2013 2012 Net sales revenue Cost of goods sold Gross profit Research & development expenses Selling, general, & administrative expenses Nonoperating income (expense) Interest expense Income before taxes Income taxes Net income Earnings per share Dividends per share 2,075 19,773 1,665 11,718 1,802 16,460 14,702 12,052 (211) 283 629 9,350 2,869 $8,684 $6,923 $6,481 $5,186 $4,352 $2.79 $2.70 $2.34 $1.80 $1.46 $1.15 $1.03 $0.93 $0.82$0.76 9,981 7,530 6,383 2,031 3,729 Comparative Balance Sheets As of December 31 Assets 2016 2015 2014 2013 2012 Cash Marketable securities Receivables Inventories Other current assets $6,693 $6,389 $4,232 $5,912 $3,427 1,133 5,725 6,291 1,660 4,062 4,400 300 3,038 3,640 2,330 3,456 1,997 24,329 20,329 17,115 15,220 12,166 18,770 14,332 14,108 13,104 13,349 89,027 24,163 23,900 13,507 13,430 2,703 1,925 1,875 1,831 $135,695 $61,527 $57,048 $43,706 $40,776 5,006 Total current assets Property, plant, & equipment, net Inventories Deposits & other assets Total Assets Liabilities Notes payable Accounts payable Current long-term debt Accrued expense Income taxes Other current liabilities $0 $6,769 $1,079 $3,113 4,910 3,802 3,617 2,795 2,205 $0 2,128 11,441 4,757 2,429 2,265 2,554 1,879 1,438 2,925 4,830 Total current liabilities 19,985 25,039 22,147 12,358 12,704 1,896 , 1,396 1,077 35,344 12,614 12,302 11,475 11,201 Deferred charges Long-term debt Non-current capital leases Other long-term liabilities 273 252 4,472 2,808 2,291 2,088 Total liabilities 72,787 43,052 39,770 27,520 27,070 Stockholders' Equity Common stock Capital s Retained earnings Treasury stock 3,976 2,977 2,5441,297 1,301 ,0302,425 2,931 2,490 35,666 31,004 13,611 13,692 11,980 57,856 (34,235) (17,194) (355) (1,342) (1,302) (1,734) (2,065) 62,908 18,475 17,278 16,186 13,706 Total Liabilities and Stockholders' Equity $135,695 $61,527 $57,048 $43,706 $40,776 er Total stockholders' equity (c1) Your answer is incorrect. Try again. Compute the dividend payout ratio? (Round answers to 2 decimal places, e.g. 52.75.) 0011.06 2015 2014 2013 2012 Dividend payout ratio T41.22 38.15 39.74 45.56 52.05