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Problem 14-4A Condensed statement of financial position and income statement data for Tri Town Ltd. are shown below: TRI TOWN LTD. Statement of Financial Position December 31 (in thousands) 2018 2017 2016 Assets Current assets Cash $79 $200 497 694 795 $32 902 1,205 2,139 4,085 $6,224 503 1,568 3,802 $5,370 1,200 3,202 $4,402 Accounts receivable Inventory Total current assets Property, plant, and equipment (net) Total assets Liabilities and Shareholders' Equity Liabilities Current liabilities Non-current liabilities Total liabilities Shareholders' equity Common shares Retained earnings Total shareholders' equity Total liabilities and shareholders' equity $604 3,061 3,665 $551 2,323 2,874 $500 1,500 2,000 992 1,567 2,559 $6,224 992 1,504 2,496 $5,370 992 1,410 2,402 $4,402 TRITOWINIEN 2,874 2,000 Total liabilities 3,665 Shareholders' equity Common shares 992 Retained earnings 1,567 Total shareholders' equity 2,559 Total liabilities and shareholders' equity $6,224 992 992 1,504 1,410 2,496 2,402 $5,370 $4,402 TRI TOWN LTD. Income Statement Year Ended December 31 (in thousands) 2018 2017 Sales (all on credit) $4,514 $4,006 Cost of goods sold 2,489 2,080 Gross profit 2,025 1,926 Operating expenses 1,463 1,482 Income from operations 562 444 Interest expense 189 129 Income before income tax 373 315 Income tax expense 93 79 Net income $280 $236 2016 $3,625 1,796 1,829 1,491 338 71 267 67 $200 Calculate the receivable h. The company paid all dividends as soon as they were declared and has only issued common shares. There are ne preferred shares, Retained camings at the beginning of 2016 were $1.4 mill Calculate the cash dividends declared and dividend payout ratio for each year. (Round payout ratio to I decimal place, e.g. 5.29.) 2016 2017 2018 Dividends declared (in thousands) $ Payout ratio LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the asset turnover for each of the three years. Assume that total assets at the end of 2015 were equal to total assets at the end of 2016. Multiply the asset turnover for each year by the profit margin for each year from part (c) above to determine the return on assets for each year. (Round asset turnover to 2 decimal palce, g. 5.26 and return on assets to I decimal place, e.g. 5.29.) 2016 2017 2018 Asset turnover times times times Return on assets LINK TO TEXT LINK TO TEXT LINK TO TEXT Calculate the return on common shareholders' equity for each year. Assume that common shareholders' equity at the end of 2015 was equal to that amount for 2016. (Round answers to 1 decima place, e.g. 5.2%) 2016 2017 2018 Return on common shareholders' equity 9 LINK TO TEXT LINK TO TEXT LINK TO TEXT