Exercise 12-8 Calculate profitability ratios (LO12-4) The balance sheets for Plasma Screens Corporation and additional information are provided below PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017 Assets Current assets: Cash S 215,040 128,000 1.000 103,000 4,800 Accounts recaivable 100,000 88,000 2,800 Inventory Long-term assets: Land Equipment Less: Accumulated depreciation 560,000 560,000 750,000 (348,000) B70,000 (508,000) Total assets S 1.338,840 $ 1,280,800 Liabilities annd Stackholders' Equity Current liabilities Accounts payable Interest payable Income tax payable Lang-term liabilities: Notes payable Slockholders' equity Common stock Retained earnings S 106,600 $ 93,000 7,000 9.000 12,800 5,800 120,000 240,000 780,000 316,240 780,000 149,200 Total liabilities and stockholders' equity S 1,338,B40 1,280,800 Additional information for 2018: 1. Net income is $167,040 2. Sales on account are $1.813,900 3. Cost of goods sold is $1,346,550 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 asscts C. Profit margin d. Asset turnover times e. Return on equity