Cullumber Medical manufactures hospital beds and other institutional furniture income statement for 2019 and 2020 follow. Gullumber Medical Comparative Balance Sheet As of December 31 2020 2019 Assets Current assets Cash $ 397,000 $ 417,450 Accounts receivable, net 1,089,000 776.400 Inventory 733,000 681.050 Other current assets 381,400 247.100 Total current assets 2,600,400 2,122,000 8,616,295 8,439,830 Property, plant, & equipment, net Total assets $11.216,695 $ 10,561.830 $3,156,000 $ 2,846,050 3.702,600 3,892.600 6,858,600 6,738.650 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock $0.25 par value Retained earnings Total stockholders' equity 58,950 58,950 104,650 103,850 4.194,495 3,660,380 4,358,095 3,823,180 Total liabilities and stockholders' equity $11,216,695 $ 10,561,830 Cullumber Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 $ 10,177,300 $ 9,613,950 5.612.300 5,298,700 4565,000 4,315,250 2.840.250 2,634 200 1,724,750 1,681,050 300.300 308,650 1,424.450 1,372,400 427,335 411,720 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 Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year $997,115 $ 960,680 29,500 29.500 433,450 413,100 462.950 442.600 534,115 518,080 3,660,380 3,142,300 $4,194,495 $ 3,660,380 Calculate the following profitability ratios for 2020. (Round answers to 1 decimal place, eg. 50.1%.) 96 a. Gross margin percentage 96 b. Return on assets Return on common stockholders' equity