Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets balance >neets December 31, 2024 and 2023 2024 2023 $242,000 98,000 $130,000 102,000 105,000 90,000 5,000 3,000 580,000 580,000 890,000 770,000 (528,000) (368,000) $1,307,000 Liabilities and Stockholders' Equity Current liabilities: $1,392,000 Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity Additional information for 2024: 1. Net income is $184,000. 2. Sales on account are $1,890,000. (All sales are credit sales.) 3. Cost of goods sold is $1,394,250. $109,000 $95,000 7,000 13,000 9,000 6,000 110,000 220,000 800,000 800,000 357,000 173,000 $1,392,000 $1,307,000 Required: 1. Calculate the following profitability ratios for 2024: 2. When we compare two companies, can one have a higher return on assets while the other has a higher return on equity? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio % b. Return on assets % c. Profit margin % d. Asset turnover times e. Return on equity % < Required 1 Required 2 >