Industry Average Ratios for Competitors 1.3 Quick ratio . . . . . . . . . Current ratio. . . . . . . . . Accounts receivable turnover. ..... Inventory turnover ....... Debt-to-equity ratio ......... Gross profit percentage........... Return on sales ......... Return on assets .. 2.4 5.9 times 3.5 times 0.73 42.8 percent 4.5 percent 7.6 percent LO4 SE13-1. Quick Ratio Calculate the company's quick ratio for 2016 and compare the result to the industry average. SE13-2. Current Ratio Calculate the company's current ratio for 2016 and compare the result to the indus- try average. SE13-3. Accounts Receivable Turnover Calculate the company's accounts receivable turnover for 2016 and compare the result to the industry average. SE13-4. Inventory Turnover Calculate the company's inventory turnover for 2016 and compare the result to the industry average. Debit-to-Equity Ratio Calculate the company's 2016 debt-to-equity ratio and compare the result to the industry average. SE13-6. Gross Profit Percentage Calculate the company's 2016 gross profit percentage and compare the result to the industry average. SE13-7. Return on Sales Calculate the company's return on sales for 2016 and compare the result to the industry average. SE13-8. Return on Assets Calculate the company's return on assets for 2016 and compare the result to the industry average. SE13-9/ Dividends per Share Calculate the company's dividend paid per share of common stock. What was the dividend payout ratio? SE13-19. Earnings per Share If the company's most recent price per share of common stock is $62.25, what is the company's price-earnings ratio and dividend yield? CE L04 IS Use the following financial data for Hi-Tech Instruments to answer Short Exercises 13-1 throu er Short Exercises 13-1 through 13-10: 2016 (Thousands of Dollars, except Earnings per Share) Sales revenue...... Cost of goods sold.. Net income........ Dividends. Earnings per share... $210,000 125,000 8,300 2,600 4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Dec. 31, 2016 Dec. 31, 2015 Assets Cash . . . . . . . . Accounts receivable (net). ....... Inventory.......... Total Current Assets......... Plant assets (net) ................................................. Other assets Total Assets $ 18,300 46,000 39,500 103,800 52,600 15,600 $172,000 $ 18,000 41,000 43,700 102,700 50,500 13,800 $167,000 $ 6,000 22,500 16,500 45,000 40,000 85,000 Liabilities and Stockholders' Equity Notes payable-banks...... Accounts payable......... Accrued liabilities ............... 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 ........ $ 6,000 18,700 21,000 45,700 40,000 85,700 50,000 31,300 81,300 $167,000 50,000 37,000 87,000 $172,000