Exercise 12-8A 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, 2021 and 2020 2021 2020 $ $ 160,000 70,000 91,000 3,600 116,000 88,000 76,000 1,600 440,000 750,000 (388,000) $1,126,600 440,000 630,000 (228,000) $1,123,600 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 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 95, 200 5,500 7,500 81,000 11,600 4,600 120,000 240,000 660,000 238,400 $1,126,600 660,000 126,400 $1,123,600 Exercise 12-8A 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, 2021 and 2020 2021 2020 $ $ 160,000 70,000 91,000 3,600 116,000 88,000 76,000 1,600 440,000 750,000 (388,000) $1,126,600 440,000 630,000 (228,000) $1,123,600 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 Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings Total liabilities and stockholders' equity $ $ 95, 200 5,500 7,500 81,000 11,600 4,600 120,000 240,000 660,000 238,400 $1,126,600 660,000 126,400 $1,123,600