The balance sheets for Monitor World Corporation and additional information are provided below. MONITOR WORLD CORPORATION Balance Sheets December 31, 2024 and 2023 2024 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 $102,200. 2. Sales on account are $1,348,500. (All sales are credit sales.) 3. Cost of goods sold is $1,056,000. Required: 1. Calculate the following profitability ratios for 2024: $170,200 $115,000 68,000 87,000 90,000 75,000 3,500 1,500 430,000 430,000 740,000 620,000 (378,000) (218,000) $1,123,700 $1,110,500 $94,000 $80,000 5,500 11,500 7,500 4,500 100,000 200,000 650,000 650,000. 266,700 164,500 $1,123,700 $1,110,500 2. When we compare two companies, can one have a higher return on assets while the other has a higher return o Additional information for 2024: 1. Net income is $102,200. 2. Sales on account are $1,348,500. (All sales are credit sales.) 3. Cost of goods sold is $1,056,000. 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 retum Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover % % % times e. Return on equity %