Ratios Compared with Industry Averages Because you own the common stock of Phantom Corporation, a paper manufacturer, you decide to analyze the firm's performance for the most recent year. The following data are taken from the firm's latest annual report: Quick assets Inventory and prepaid expenses Other assets Total Assets Current liabilities Dec. 31, 2020 Dec. 31, 2019 $790,000 $642,000 472,000 412,000 4,978,000 4,300,000 $6,240,000 $5,354,000 $824,000 $664,000 10% Bonds payable 1,540,000 1,540,000 8% Preferred stock, $100 par value 480,000 480,000 Common stock, $10 par value 2,700,000 2,160,000 Retained earnings Total Liabilities and Stockholders' Equity 696,000 $6,240,000 510,000 $5,354,000 For 2020, net sales amount to $11,470,000, net income is $665,000, and preferred stock dividends paid are $42,000. Calculate the following ratios for 2020: 1. Profit margin Round answer to one decimal place (ex: 0.144555 = 14.5%). 96 2. Return on assets Round answer to one decimal place (ex: 0.144555 = 14.5%). % 3. Return on common stockholders' equity Round answer to one decimal place (ex: 0.144555 = 14.5%).