Sheridan Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2019 and 2020 follow. Assets Current assets Sheridan Medical Comparative Balance Sheet As of December 31 2020 2019 Cash $393,000 $417,450 Accounts receivable, net 1,087,000 776,450 Inventory 750,000 681,000 Other current assets 381,400 247,100 Total current assets 2,611,400 2,122,000 Property, plant, & equipment, net 8,651,695 8,439,865 Total assets $11,263,095 $10,561,865 Liabilities and Stockholders' Equity Current liabilities $3,203,000 $2,846,000 Long-term debt 3,702,650 3,892,650 Total liabilities 6,905,650 6,738,650 Preferred stock, $5 par value 58,950 58,950 Common stock, $0.25 par value 104,650 103,850 Retained earnings 4,193,845 3,660,415 Total stockholders' equity 4,357,445 3,823,215 Total liabilities and stockholders' equity $11,263,095 $10,561,865 Sheridan Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2020 2019 Sales revenue (all on account) $10,177,200 $9,614,000 Cost of goods sold 5,613,200 5,298,750 Gross profit 4,564,000 4,315,250 Operating expenses 2,840,200 2,634,200 Net operating income 1,723,800 1,681,050 Interest expense 300,400 308,600 Net income before taxes 1,423,400 1,372,450 Income taxes (30%) 427,020 411,735 Net income $996,380 $960,715 Dividends paid Preferred dividends 29,550 29,550 Common dividends 433,450 413,050 Total dividends paid 463,000 442,600 Net income retained 533,430 518,115 Retained earnings, beginning of year 3,660,415 3,142,300 Retained earnings, end of year $4,193,845 $3,660,415 Calculate the following profitability ratios for 2020. (Round answers to 1 decimal place, e.g. 50.1%.) a. Gross margin percentage b. Return on assets c. Return on common stockholders' equity eTextbook and Media % % %