The income statement and balance sheet for HOYT, Inc. are provided below. (Note that the reported figures are expressed in thousands of dollars).

HOYT, INC. Balance Sheets as of December 31, 2020 and 2021 (in 000s)
	2020		2021				2020		2021
Assets						Liabilities and Owners Equity
Current assets						Current liabilities
Cash	$	100	$	115		Accounts payable	$	75	$	165
Accounts receivable		170		170		Notes payable		100		120
Inventory		120		150
Total	$	390	$	435		Total	$	175	$	285
						Long-term debt	$	250	$	290
						Owners equity
						Common stock	$	190	$	113
Fixed assets						Accumulated retained earnings		275		347
Net plant and equipment	$	500	$	600		Total Equity	$	465	$	460
Total assets	$	890	$	1,035		Total liabilities and owners equity	$	890	$	1,035

HOYT, INC. 2021 Income Statement (in 000s)
Sales			$	900
Cost of goods sold				500
Depreciation				18
EBIT			$	382
Interest paid				18
Taxable income			$	364
Taxes				76
Net income			$	288
Dividends	$	216
Retained earnings		72

Requirement #1:

Calculate each of the following ratios for HOYT, Inc. for 2021 only and complete the table below. (Do not round intermediate calculations. Round your answers to 4 decimal places (e.g., 0.9173 or 2.1648). Input profit margin, return on assets, and return on equity as percentages (e.g., if the Profit Margin = 0.1576, input your answer as 15.76).

		2021			Industry Average
a.	Current ratio		times		2.1004
b.	Quick ratio		times		1.3652
c.	Total asset turnover		times		0.8493
d.	Inventory turnover		times		2.7699
e.	Total debt ratio		times		0.6491
f.	Equity Multiplier				2.8497
g.	Times interest earned ratio		times		31.1176
h.	Profit margin		%		27.55%
i.	Return on assets		%		23.40%
j.	Return on equity		%		66.68%

Requirement #2:

Use the ratios you calculated in Requirement #1 and the industry averages given in the table above to determine if HOYT, Inc. is "above average" or "below average" in each of the following areas of financial performance.

Operating Efficiency	(Click to select) above average below average
Liquidity	(Click to select) above average below average
Shareholder Return	(Click to select) above average below average
Financial Leverage	(Click to select) above average below average
Asset Use Efficiency	(Click to select) above average below average

Requirement #3:

Based on DuPont analysis, how would you explain the difference in the return on equity (ROE) for HOYT, Inc. vs. the industry as a whole in 2021 (i.e., why is the ROE for HOYT higher/lower than the ROE for the average firm in the industry)?