PRINTER VERSION 4 Blossom Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow. Blossom Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash Accounts receivable, net Inventory Other current assets $305,000 $417,500 1,065,400 776,450 721,000 600 247,050 2,403,400 2,122,000 9,109,385 8,377,195 11,512,785 $10,499,195 311,000 Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt $3,119,000 $2,846,100 3,702,650 3,892,600 6,821,650 6,738,700 59,500 103,900 ,473,635 3,597,095 ,691,135 3,760,495 Total Eabilities and stockholders' equity $11,512,785 $10,499,195 Total iabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings 59,500 158,000 Total stockholders' equity URCES ork Blossom Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) Cost of goods sold 10,400,000 $9,613,900 5,298,750 5,150,000 4,315,150 2,634,200 2,309,700 1,680,950 308,600 1,372,350 411,705 $960,645 5,250,000 Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid Study 2,840,300 381,000 1,928,700 578,610 1,350,090 Preferred dividends 29,550 471,000 500,550 460,095 3,597,095 3,137,000 $4,473,635 $3,597,095 29,550 444,000 473,550 876,540 Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year Calculate the following profitability ratios for 2016. (Round answers to 1 decimal place, eg, 50.1%.) a. Gross margin percentage Calculate the following profitability ratios for 2016, (Round answers to 1 decimal place, eg. 50.1%.) a. Gross margin percentage b. Return on assets c. Return on common stockholders' equity Click if you would like to Show Work for this question: Open Show Work LINK TO TEXT LINK TO VIDEO Question Atten