Exercise 12-8 (Algo) Calculate profitability ratios (LO12-4) The balance sheets for Monitor World Corporation and additional information are provided below. MONITOR WORLD CORPORATION Balance Sheets December 31, 2024 and 2023 2024 2023 Assets Current assets: Cash Accounts receivable Inventory Investments Long-term assets: Land Equipment Less: Accumulated depreciation Total assets Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable $138,880 74,000 $118,000 90,000 93,000 78,000 3,800 1,800 460,000 460,000 770,000 (408,000) 650,000 (248,000) $1,131,680 $97,600 5,500 $1,149,800 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 $70,880. 2. Sales on account are $1,451,400. (All sales are credit sales.) 3. Cost of goods sold is $1,120,050. $83,000 11,800 7,500 4,800 100,000 200,000 680,000 680,000 241,080 170,200 $1,131,680 $1,149,800