SHORT EXERCISES Use the following financial data for Hi-Tech Instruments to answer Short Exercises 12.1 through 12-10: 2020 (Thousands of Dollars, except Earnings per Share) $210.000 Cost of goods sold 125.000 8,300 2.600 Earnings per share Satovene 4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets Dec. 31, 2020 Dec 31, 2019 (Thousands of Dollars) Assets Cash... Accounts receivable (net) Inventor Total Current Assets Pant assets net Other assets. Total Assets... $ 18,300 46.000 39.500 103.800 52.800 15.600 $172.000 S1R000 41.000 43.700 102.700 50 500 13.800 $167 000 continued 500 Chapter 12 Analysis and Interpretation of Financial Statements Cambridge Business Publishers Dec 31, 2020 Dec 31, 2019 continued from previous page HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Liabilities and Stockholders' Equity Notes payable-banks Accounts payable..... Accrued liabilities.. Total Current Liabilities 9% Bonds payable ..... Total Liabilities... Common stock, S25 par value (2.000.000 shares). Retained earnings .... Total Stockholders' Equity Total Liabilities and Stockholders' Equity $ 6.000 22.500 16.500 45,000 40.000 85.000 50.000 37.000 87.000 $172.000 $ 6,000 18.700 21.000 45,700 40,000 85,700 50.000 31.300 81,300 $167.000 Industry Average Ratios for Competitors 13 Current ratio.. 24 Accounts receivable turnover 5.9 times Inventory turnover 3.5 times Debt-to-equity ratio 0.72 Gross profit percentage 42.8 percent Profit margin... 4.5 percent Return on assets 76 percent Inventory Turnover Caleulate the company's inventory tumover for 2020 and compare the re sult to the industry average Gross Profit Percentage Calculate the company's 2020 gross profit percentage and compare the result to the industry average Return on Assets Calculate the company's retum on assets for 2020 and compare the results the industry average