Debit-to-Equity Ratio The following financial data is from Hi-Tech Instruments' financial statements (thousands of dollars except earnings per share.) 2016 Sales revenue Cost of goods sold25,000 Net income Dividends Earnings per share $210,000 18,300 2,600 Hi-Tech Instruments, Inc. Balance Sheet (Thousands of Dollars) Assets Cash Accounts receivable (net) nventory Dec. 31, 2016 Dec. 31, 2015 $18,000 41,000 43,700 102,700 50,500 13,800 $172,000 167,000 28,300 36,000 39,500 103,800 52,600 15,600 Total current assets Plant assets (net) Other assets Total assets Liabilities and Stockholders' Equity Notes payable-banks Accounts payable Accrued liabilities $6,000 22,500 16,500 45,000 30,000 75,000 50,000 47,000 $6,000 18,700 21,000 45,700 40,000 85,700 50,000 31,300 Total current liabilities 996 Bonds payable Total liabilities Common stock, $25 par value (2,000,000 shares) Retained earnings Accrued liabilities 6500 21,000 45,700 40,000 85,700 50,000 31,300 81,300 $172,000 167,000 45,000 30,000 75,000 50,000 47,000 97,000 Total current liabilities 9% Bonds payable Total liabilities Common stock, $25 par value (2,000,000 shares) Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Industry Average Ratios for Competitors Quick ratio 2.4 Accounts receivable turnover5.9 times 3.5 times 0.73 42.8 percent 4.5 percent 7.6 percent Current ratio Inventory turnover Debt-to-equity ratio Gross profit percentage Return on sales Return on assets Calculate the company's debt-to-equity ratio for 2016 Round answer to two decimal places Compare the result to the industry average OHi-Tech Instruments' ratio is higher than the industry average OHi-Tech Instruments' ratio is lower than the industry average