exercise 12-8A calculate profitability ratios. The balance sheet for plasma screens corporation and additional information provided below

PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ 215, 040 $ 128,000 94, 000 100,000 103, 000 88,000 4,800 2,800 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 560, 000 560,000 870,000 750,000 (508,000) (1348,000) $1,338, 840 $1, 280, 800 $ $ 106, 600 7,000 9,000 93,000 12,800 5,800 120,000 240,000 780,000 316, 240 $1,338,840 780,000 149, 200 $1, 280, 800 Additional information for 2021: 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 2021: (Round your answers to 1 decimal place. % % Profitability Ratios a. Gross profit ratio b. Return on assets c. Profit margin d Asset turnover e. Return on equity % times %