Gerrard Construction Co. is an excavation contractor. The following summarized data (in thousands) are taken from the December 31, 2019, financial statements:

For the Year Ended December 31, 2019:
Net revenues	$	30,400
Cost of services provided		11,500
Depreciation expense		6,000
Operating income	$	12,900
Interest expense		3,800
Income tax expense		4,000
Net income	$	5,100
At December 31, 2019:
Assets
Cash and short-term investments	$	3,100
Accounts receivable, net		10,400
Property, plant, and equipment, net		79,400
Total assets	$	92,900
Liabilities and Stockholders' Equity
Accounts payable	$	1,300
Income taxes payable		1,100
Notes payable (long term)		51,800
Paid-in capital		9,000
Retained earnings		29,700
Total liabilities and stockholders' equity	$	92,900

At December 31, 2018, total assets were $81,200 and total stockholders' equity was $34,400. There were no changes in notes payable or paid-in capital during 2019.

1. Assume that the balance of "Accounts Receivable, net" at December 31, 2018, was $8,800. Calculate the following activity measures for Gerrard Construction Co. for the year ended December 31, 2019:
   1. Accounts receivable turnover.
   2. Number of days' sales in accounts receivable.
2. Calculate the following financial leverage measures for Gerrard Construction Co. at December 31, 2019:
   1. Debt ratio.
   2. Debt/equity ratio
3. (1) Calculate the amount of dividends declared and paid during the year ended December 31, 2019. (2) Review the answer from requirement f1 at this time. Assume that Gerrard Construction Co. had 1,159,000 shares of $1 par value common stock outstanding throughout 2019, and that the market price per share of common stock at December 31, 2019, was $18.73. Calculate the following profitability measures for the year ended December 31, 2019:
   1. Earnings per share of common stock.
   2. Price/earnings ratio.
   3. Dividend yield.
   4. Dividend payout ratio.