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: For the current year, net sales amount to $11,280,000, net income is $575,000, and preferred stock dividends paid are $42,000. Required Calculate the following ratios for the current year. Round answers to two decimalplaces. 1. Return on sales \% 2. Return on assets % 3. Return on common stockholders' equity % 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: For the current year, net sales amount to $11,280,000, net income is $575,000, and preferred stock dividends paid are $42,000. Required Calculate the following ratios for the current year. Round answers to two decimalplaces. 1. Return on sales \% 2. Return on assets % 3. Return on common stockholders' equity %