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2017 PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 Assets Current assets: Cash $ 149,560 $ Accounts receivable 72,000 Inventory 92,000 Investments
2017 PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 Assets Current assets: Cash $ 149,560 $ Accounts receivable 72,000 Inventory 92,000 Investments 3,700 Long-term assets: Land 450,000 Equipment 760,000 Less: Accumulated depreciation (398,000) 117,000 89,000 77,000 1,700 450,000 640,000 (238,000) Total assets $ 1,129,260 $ 1,136,700 $ Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock 95,400 $ 82,000 6,000 11,700 8,000 4,700 110,000 220,000 670,000 670,000 Long-term assets: Land Equipment Less: Accumulated depreciation 450,000 760,000 (398,000) 450,000 640,000 (238,000) Total assets $ 1,129,260 $ 1,136,700 $ $ Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 95,400 6,000 8,000 82,000 11,700 4,700 110,000 220,000 670,000 239,860 670,000 148,300 Total liabilities and stockholders' equity $ 1,129,260 $ 1,136,700 Additional information for 2018: 1. Net income is $91,560. 2. Sales on account are $1,416,800. 3. Cost of goods sold is $1,098,500. Required: 1. Calculate the following profitability ratios for 2018: (Round your answers to 1 decimal place.) % Profitability Ratios a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover e. Return on equity times %
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