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, 2018 and 2019 (in 000s) 2018 2019 2018 2019 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 $ 250 $ 290 Long-term debt Owners' equity Common stock Accumulated retained earnings 113 $ 190 $ 275 Fixed assets 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. 2019 Income Statement (in 000s) Sales $ Cost of goods sold Depreciation 900 500 18 $ EBIT Interest paid 382 18 $ Taxable income Taxes 364 76 Net income $ 288 $ 216 Dividends Retained earnings 72 Requirement #1: Calculate each of the following ratios for HOYT, Inc. for 2019 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). 2019 a. Current ratio b. Quick ratio c. Total asset turnover d. Inventory turnover e. Total debt ratio f. Equity Multiplier g. Times interest earned ratio h. Profit margin i. Return on assets j. Return on equity times times times times times Industry Average 2.1004 1.3652 0.8493 2.7699 0.6491 2.8497 31.1176 27.55% 23.40% 66.68% times 1% 1% % 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 Liquidity Shareholder Return Financial Leverage Asset Use Efficiency (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) 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 2019 (i.e., why is the ROE for HOYT higher/lower than the ROE for the average firm in the industry)