Profitability Ratios Financial statements for Remington Inc. follow. Remington Inc. Consolidated Statements of Income (In thousands except per share amounts) 2019 2018 2017 Net sales $7,245,088 $6,944,296 $6,149,218 (4,355,675) (5,286,253) (4,953,556) $1,958,835 $1,990,740 $1,793,543 Cost of goods sold Gross margin General and administrative expenses Special and nonrecurring items (1,259,896) (1,202,042) (1,080,843) 2,617 Operating income $701,556 $788,698 $712,700 (63,685) (62,398) (63,927) 7,308 10,080 11,529 Interest expense Other income Gain on sale of investments Income before income taxes Provision for income taxes 9,117 $645,179 $745,497 $660,302 254,000 290,000 257,000 Net income $391,179 $455,497 $403,302 Net income per share $1.08 $1.25 $1.11 Remington Inc. Consolidated Balance Sheets (In thousands) Dec. 31, 2019 Dec. 31, 2018 ASSETS Current assets: Cash and equivalents Accounts receivable $320,558 $41,235 1,056,911 837,377 Inventories 733,700 803,707 Other 109,456 101,811 Total current assets $2,220,625 $1,784,130 Property and equipment, net 1,666,588 1,813,948 Other assets 267,892 248,372 Total assets $4,155,105 $3,846,450 $250,363 $309,092 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable Accrued expenses Other current liabilities Income taxes Total current liabilities 347,892 274,220 15,700 93,489 137,466 $707,444 $720,778 Long-term debt $650,000 $541,639 275,101 274,844 Deferred income taxes Other long-term liabilities Total liabilities 61,267 41,572 $1,693,812 $1,578,833 Stockholders' equity: Common and preferred stock Additional paid-in capital $189,727 $189,727 128,906 127,776 Retained earnings 2,397,112 2,136,794 $2,715,745 $2,454,297 Less: Treasury stock, at cost (254,452) (186,680) Total stockholders' equity $2,461,293 $2,267,617 Total liabilities and stockholders' equity $4,155,105 $3,846,450 Use the information provided above and below to respond to the following requirements. Statement Item Total assets January 1, 2018 (in thousands) $3,485,233 2,083,122 Total stockholders' equity Required: Compute the five profitability ratios for 2018 and 2019. Round intermediate calculations and final answers to two decimal places. 2019 2018 Gross profit percentage 27.04 % 28.67 % Operating margin percentage 9.68 % 11.36 % Net profit margin percentage 5.40 % 6.56 % Return on assets 9.81 X % 12.43 X % Return on equity 16.66 X % 20.94 %