PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ $ 228, 400 96,000 104,000 4,900 129,000 101,000 89,000 2,900 570,000 880,000 (518,000) $1,365,300 570,000 760,000 (358,000) $1,293,900 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 $ $ 106,800 7,500 9,500 94,000 12,900 5,900 100,000 200,000 790,000 351,500 $1,365,300 790,000 191,100 $1,293,900 1. Net income is $160,400. 2. Sales on account are $1,851,800. 3. Cost of goods sold is $1,370,300. 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 2. When we compare two companies, can one have a higher return on assets while the other has a higher return on equity? Yes