High's Companies, a home improvement store chain, reported the following summarized figures (Click the icon to view the income statement) (Click the icon to view the balance shoots.) High's has 100,000 common shares outstanding during 2024 Read the requirements Requirement 1. Compute the profit margin ratio for High's Companies for 2024 Begin by selecting the formula to calculate High's Companies' profit margin ratio Then enter the amounts and calculate the profit margin ratio for 2024 (Round your answer to one tenth of a percent, XX%) Net income Net sales Profit margin ratio 96 * Requirements 1. Compute the profit margin ratio for High's Companies for 2024 2. Compute the rate of return on total assets for 2024 3. Compute the asset turnover ratio for 2024 4. Compute the rate of return on common stockholders' equity for 2024 5. Are these rates of return strong or weak? Explain your reasoning, Print Done Enter any nu 7 Check Answer parts remaining Clear All 10 OS DA Income Statement High's Companies Income Statement Years Ended May 31, 2024 and 2023 2024 2023 $ Net Sales Revenue 46,500 $ 39,800 23,300 24,900 Cost of Goods Sold 400 140 Interest Expense 5,800 7,800 All Other Expenses $ 17,000 $ 6,960 Net Income Print Done 1 balance Sheets May 31, 2024 and 2023 Assets Liabilities 2024 2023 2024 2023 Cash $ 2,100 $ 1,800 Total Current Liabilities $ 22,000 $ 13,300 Short-term Investments 29,000 13,000 Long-term Liabilities 13,200 12,800 Accounts Receivable 7,600 5,700 Total Liabilities 35,200 26,100 Merchandise Inventory 7,200 6,300 Stockholders' Equity Other Current Assets 9,000 2,100 Common Stock 8,000 8,000 Total Current Assets 43,700 20,800 54,900 28,900 Retained Earnings All Other Assets 32,000 26,000 Total Equity 51,700 28,800 $ 86,900 $ $ 86,900 $ 54,900 Total Assets 54,900 Total Liabilities and Equity Print Done