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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 $ $ 138,800 74,000 93,000 3,800 116.000 90,000 70.000 1.800 460,000 770,000 (408,000) $1,131,680 460,000 650,000 (248,000) $1,149, BOO Assets Current assets: Caab 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: Cammon stock Retained earnings Total liabilities and stockholders' equity $ $ 97,600 5,500 7,500 83,000 11,00 4.800 100,000 200,000 690,000 241.000 $1,131,680 680.000 170,200 $1,149,800 Additional information for 2021: 1. Net income is $70.880. 2. Sales on account are $1,451,400. 3. Cost of goods sold is $1,120,050. Required: 1. Net income is $70,880. 2. Sales on account are $1,451,400. 3. Cost of goods sold is $1,120,050. Required: 1. Calculate the following profitability ratios for 2021: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio b. Retum on assets c. Profit margin d. Asset turnover e. Retum on equity 22 2. When we compare two companies, can one have a higher return on assets while the other has a higher return on equity? Yes