The balance sheets for Monitor World Corporation and additional information are provided below. 1. Net income is $131,360. 2. Sales on account are $1,248,300. (All sales are credit sales.) 3. Cost of goods sold is $993,750. 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? 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? Complete this question by entering your answers in the tabs below. Calculate the following proftability ratios for 2024: (Round your answers to 1 decimal place.)