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Debt-to-Equity Ratio Consider the following financial statement data for Hi-Tech Instruments: HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Current Year Prior Year \begin{tabular}{|l|r|r|} \hline Assets & & \\ \hline Cash & $24,300 & $24,000 \\ \hline Accounts receivable (net) & 52,000 & 47,000 \\ \hline Inventory & 45,500 & 49,700 \\ \hline Total Current Assets & 121,800 & 120,700 \\ \hline Plant assets (net) & 58,600 & 56,500 \\ \hline Other assets & 21,600 & 19,800 \\ \hline Total Assets & $202,000 & $197,000 \\ \hline Liabilities and Stockholders' Equity & & \\ \hline Notes payable-banks & $12,000 & $12,000 \\ \hline Accounts payable & 28,500 & 24,700 \\ \hline Accrued liabilities & 22,500 & 27,000 \\ \hline Total Current Liabilities & 63,000 & 63,700 \\ \hline 9\% Bonds payable & 46,000 & 46,000 \\ \hline Total Liabilities & 109,000 & 109,700 \\ \hline Common stock & 50,000 & 50,000 \\ \hline Retained earnings & 43,000 & 37,300 \\ \hline Total Stockholders' Equity & 93,000 & 87,300 \\ \hline Total Liabilities and Stockholders' Equity & $202,000 & $197,000 \\ \hline \hline \end{tabular} * $25.00 par value; 2,000,000 shares Calculate the company's debt-to-equity ratio. Note: Round answers to two decimal places, when appropriate. Compare the result to the industry average. The company's debt-to-equity ratio is than the industry's average

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