Assets DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Current assets: Cash Accounts receivable Inventory Investments Long-term assets: k Land Equipment Less: Accumulated depreciation t . ences Total assets Liabilities and Stockholders' Equity Current liabilities: 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 $91,560. 2. Sales on account are $1,416,800. (All sales are credit sales.) 3. Cost of goods sold is $1,098,500. Required: 1. Calculate the following profitability ratios for 2024: $149,560 $117,000. 72,000 89,000 92,000 77,000 3,700 1,700 450,000 450,000 760,000 640,000 (398,000) (238,000) $1,129,260 $1,136,700 $95,400 $82,000 6,000 11,700 8,000 4,700 110,000 220,000 670,000 670,000 239,860 148,300 $1,129,260 $1,136,700 2. When we compare two companies, can one have a higher return on assets while the other has a higher return Complete this question by entering your answers in the tabs below. ces Additional information for 2024: 1. Net income is $91,560. 2. Sales on account are $1,416,800. (All sales are credit sales.) 3. Cost of goods sold is $1,098,500. 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 > References Required 1 Required 2 When we compare two companies, can one have a higher return on assets while the other has a higher return on equity? When we compare two companies, can one have a higher return on assets while the other has a higher return on equity? < Required 1 Required 2 >