Return on Sales The following financial data is from Hi-Tech Instruments' financial statements (thousands of dollars, except earnings per share) 2016 $210,800 Sales revenue Cost of goods sold 125,000 8.600 Net income 2,900 Dividends 4.30 Earnings per share Hi-Tech Instruments, Inc. Balance Sheet Dec. 31, 2016 Dec. 31, 2015 (Thousands of Dollars) Assets Cash $18.300 $18,000 Accounts receivable (net) 46.000 41.000 39,500 43,700 Inventory T03 800 Total current assets 102.700 50,500 Plant assets (ner) $2.600 15,600 Other assets 13.800 Tetal assets $172.000 $167.000 Liabilities and Stockholders Equity Notes payable-banks 6000 $6000 22,500 Accounts payable 18700 Accrued liabilities 16,500 21.000 as 700 Total current liabilities 45 000 9% Bonds payvable 40000 a0000 85700 Total liabilities 8s000 Common stock, $25 par value (2.000,000 shares) 50,000 so.000 oddns 85,700 Total mabinces 85,000 Common stock, $25 par value (2,000,000 shares) Retained earnings 50,000 50,000 37,000 31,300 Total stockholders' equity 87,000 81,300 Total liabilities and stockholders' equity $172,000 $167,000 Industry Average Ratios for Competitors Quick ratio 1,3 Current ratio 2.4 Accounts receivable turnover 5.9 times Inventory turnover 3.5 times Debt-to-equity ratio 0.73 Gross profit percentage 42.8 percent Return on sales 4.5 percent Return on assets 7.6 percent Calculate the company's return on sales for 2016. decimal place. (Ex.: 0.2345 23.5 % ) Round answer to one 1.7 Compare the result to the industry average. Hi-Tech Instruments' ratio is higher than the industry average. OHi-Tech Instruments' ratio is lower than the industry average. Check