MONITOR WORLD CORPORATION Balance Sheets December 31, 2024 and 2023 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 Additional information for 2024: 1. Net income is $167,040. 2024 2023 $215,040 94,000 $128,000 100,000 103,000 88,000 4,800 2,800 560,000 560,000 870,000 750,000 (508,000) (348,000) $1,338,840 $1,280,800 $106,600 $93,000 7,000 12,800 9,000 5,800 120,000 240,000 780,000 780,000 316,240 $1,338,840 149,200 $1,280,800 2. Sales on account are $1,813,900. (All sales are credit sales.) 3. Cost of goods sold is $1,346,550. Required: 1. Calculate the following profitability ratios for 2024: 2. When we compare two companies, can one have a higher return on assets while the other has a higher return on equity? ST_2_L:- ----- ..-------