Return on Assets Consider the following financial statement information for Hi-Tech Instruments: 2020 (Thousands of Dollars, except Earnings per Share Sales $210,000 Cost of goods sold 125,000 Net income 8,300 Dividends 2,600 Earnings per share 4.15 15.500 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Dec. 31, 2020 Dec 31, 2019 Assets Cash $18,300 $18,000 Accounts receivable (nett 45,000 41,000 Inventory 39,500 43,700 Total Current Assets 103,800 102,700 Plantas 52,600 50,500 Other assets 13.00 Total Assets $172,000 $167,000 Liabilities and Stockholders' Equity Notes payable-banki 36.000 $6,000 Accounts payable 22,500 Accrued abilities 16,500 21,000 Total Current Liabilities 45,000 45,700 9 Bonds payable 40,000 40,000 Total Liabilities B5,000 85,700 Common stock 50,000 50,000 Retained carings 37,000 31,300 Total Stockholders Equity 87,000 81,300 Total Liabilities and Stockholders' Equity $172,000 $167,000 *Common stock: $25 par value, 2,000,000 shares outstanding. 1.700 1.3 Industry Average Ratios for competitors Quick ratio Current ratio Accounts receivable turnover Inventory tumover Debt-to-equity ratio Gross profit percentage Profit margin Return on asets 5.9 m 3.5 times 0.73 42.8 percent 4.5 percent 7.6 percent Calculate the company's return on assets for 2020. Round answer to one decimal place (ex: 0.07555 = 7.6%). 0