Your answer is partially correct. Try again. Sheridan Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follow Sheridan Medical Comparative Balance Sheet As of December 31 2016 2015 Assets Current assets Cash Accounts receivable, net Inventory Other current assets $417,500 776,450 681,000 247,000 2,121,950 8,362,830 $11,804,520 $10,484,780 $338,000 1,065,000 741,000 357,000 2,501,000 9,303,520 Total current assets Property, plant, & equipment, net Total assets Liabilities and Stockholders' Equity Current liabilities Long-term debt $3,127,000 3,702,650 6,829,650 57,000 156,000 4,761,870 4,974,870 $11,804,520 $2,846,100 3,892,600 6,738,700 57,000 103,900 3,585,180 3,746,080 $10,484,780 Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity Total liabilities and stockholders' equity Sheridan Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) Cost of goods sold Gross profit Operating expenses Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Dividends paid $10,700,000 $9,614,000 5,298,750 4,315,250 2,634,150 1,681,100 308,700 1,372,400 411,720 $960,680 5,160,000 5,540,000 2,840,300 2,699,700 388,000 2,311,700 693,510 $1,618,190 29,500 412,000 441,500 1,176,690 3,585,180 Preferred dividends 29,500 463,000 492,500 468,180 3,117,000 $4,761,870 $3,585,180 Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year Calculate the following profitability ratios for 2016. (Round answers to 1 decimal place, eg, 50.1%.) a. Gross margin percentage 51.8 Net income before taxes Income taxes (30%) Net income Dividends paid 2,311,700 693,510 $1,618,190 1,372,400 411,720 $960,680 29,500 463,000 492,500 468,180 3,117,000 $4,761,870 $3,585,180 29,500 412,000 441,500 1,176,690 3,585,180 Preferred dividends Common dividends Total dividends paid Net income retained Retained earnings, beginning of year Retained earnings, end of year Calculate the following profitability ratios for 2016. (Round answers to 1 decimal place, eg, 50.1%.) a. Gross margin percentage 51.1% b. Return on assets 14.5 c. Return on common stockholders' equity 36.9)% LINK TO TEXT LINK TO VIDEO Question Attempts: 1 o