Exercise 3-16 Calculating ratios [LO3-8) The 2018 balance sheet for Hallbrook Industries, Inc. , is shown below. HALLBROOK INDUSTRIES, INC Balance Sheet December 31 , 2018 ($ in 000s) Assets Cash Short-term investments $ 24 190 249 Accounts receivable 330 Inventories Property, plant, and equipment (net) Total assets 1,400 $2,400 Liabilities and Shareholders' Equity Current liabilities Long-term liabilities Paid-in capital Retained earnings Total liabilities and shareholders ' equity $ 44 390 950 629 $2,400 The companys 2018 income statement reported the following amounts ($ in 000s): $5,000 40 Net sales Interest expense Income tax expense Net income 149 200