Condensed statement of financial position and income statement data for Elkhardt Ltd. are shown below:

ELKHARDT LTD. Statement of Financial Position December 31 (in thousands)
		2018		2017		2016
Assets
Current assets
Cash		$29		$79		$199
Accounts receivable		898		706		502
Inventory		1,198		798		498
Total current assets		2,125		1,583		1,199
Property, plant, and equipment (net)		4,124		3,777		3,168
Total assets		$6,249		$5,360		$4,367
Liabilities and Shareholders Equity
Liabilities
Current liabilities		$600		$547		$502
Non-current liabilities		3,044		2,307		1,505
Total liabilities		3,644		2,854		2,007
Shareholders equity
Common shares		995		995		995
Retained earnings		1,610		1,511		1,365
Total shareholders equity		2,605		2,506		2,360
Total liabilities and shareholders equity		$6,249		$5,360		$4,367

ELKHARDT LTD. Income Statement Year Ended December 31 (in thousands)
		2018		2017		2016
Sales (all on credit)		$4,473		$4,009		$3,602
Cost of goods sold		2,503		2,113		1,812
Gross profit		1,970		1,896		1,790
Operating expenses		1,436		1,475		1,498
Income from operations		534		421		292
Interest expense		191		129		70
Income before income tax		343		292		222
Income tax expense		86		73		56
Net income		$257		$219		$166

Fill in the blanks below:

(a1) Your answer is partially correct. Calculate the receivables turnover ratio, inventory turnover ratio, and current ratio for all three years. Assume that the accounts receivable and inventory balances at the end of 2015 were equal to the balances at the end of 2016. The company does not have an allowance for doubtful accounts and all sales are on credit. (Round answers to 1 decimal place, e.g. 5.2%.) 2016 2017 2018 7.2 Receivables turnover 6.1 times times 4.85 times 3.6 Inventory turnover times times 3.3 2.7 times Current ratio e Textbook and Media Attempts: 5 of 10 used Save for Later Submit Answer Calculate the gross profit margin for each year. (Round answers to 1 decimal place, e.g. 5.2%.) 2016 2017 2018 Gross profit margin % LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the profit margin ratio. (Round answers to 1 decimal place, e.g. 5.2%.) 2016 2017 2018 Profit margin LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the debt to total assets ratio and the times interest earned ratio for all three years. (Round answers to 1 decimal place, e.g. 5.2 or 5.2%.) 2016 2017 2018 Debt to total assets % Times interest earned times times times The company paid all dividends as soon as they were declared and has only issued common shares. There are no preferred shares. Retained earnings at the beginning of 2016 were $1.2 million. Calculate the cash dividends declared and dividend payout ratio for each year. (Round payout ratio to 1 decimal place, e.g. 5.2%.) 2016 2017 2018 Dividends declared in thousands) $ Payout ratio LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the asset turnover for each of the three years. Assume that total assets at the end of 2015 were equal to total assets at the end of 2016. Multiply the asset turnover for each year by the profit margin for each year from part (c) above to determine the return on assets for each year. (Round asset turnover to 2 decimal palces, e.g. 5.26 and return on assets to 1 decimal place, e.g. 5.2%) ale asetes de tre n de 2015 poe ngut to test tesores e tyre 20 es el tipis 2016 2017 2018 Asset turnover times times times Return on assets % LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the return on common shareholders' equity for each year. Assume that common shareholders' equity at the end of 2015 was equal to that amount for 2016. (Round answers to 1 decimal place, e.g. 5.2%.) 2016 2017 2018 Return on common shareholders' equity %