Question 3 Your answer is partially correct. Try again. Wildhorse Medical manufactures hospital beds and other institutional furniture. The company's comparative balance sheet and income statement for 2015 and 2016 follo 2015 Wildhorse Medical Comparative Balance Sheet As of December 31 2016 Assets Current assets Cash $384,000 Accounts receivable, net 1,067,000 Inventory 734,000 Other current assets 383,000 Total current assets 2,568,000 Property, plant, & equipment, net 9,499,685 Total assets $12,067,685 $417,450 776,450 681,100 247,000 2,122,000 8,371,345 $10,493,345 Liabilities and Stockholders' Equity Current liabilities Long-term debt Total liabilities Preferred stock, $5 par value Common stock, $0.25 par value Retained earnings Total stockholders' equity $3,121,000 3,702,650 6,823,650 51,600 179,000 5,013,435 5,244,035 $2,846,000 3,892,650 6,738,650 51,600 103,900 3,599,195 3,754,695 Wildhorse Medical Comparative Income Statement and Statement of Retained Earnings For the Year 2016 2015 Sales revenue (all on account) $10,080,000 $9,613,900 Cost of goods sold 4,175,000 5,298,800 Gross profit 5,905,000 4,315,100 Operating expenses 2,840,300 2,634,150 Net operating income 3,064,700 1,680,950 Interest expense 388,000 308,600 Net income before taxes 2,676,700 1,372,350 Income taxes (30%) 803,010 411,705 Net income $1,873,690 $960,645 Dividends paid Preferred dividends 29,450 29,450 Common dividends 430,000 447,000 Total dividends paid 459,450 476,450 Net income retained 1,414,240 484,195 Retained earnings, beginning of year 3,599,195 3,115,000 Retained earnings, end of year $5,013,435 $3,599,195 Calculate the following profitability ratios for 2016. (Round answers to 1 decimal place, e.g. 50.1%.) 58.5l. a. Gross margin percentage 16.61 b. Return on assets c. Return on common stockholders' equity % Click if you would like to Show Work for this question: Open Show Work