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The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020
The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2021 and 2020 2021 2020 $ 217,600 58,000 85,000 3,000 110,000 82,000 70,000 1,000 380,000 690,000 (328,000) $1,105,600 380,000 570,000 (168,000) $1,045,000 Assets Current sets: 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 $ $ 89,000 5,000 7,000 75,000 11,000 4,000 120,000 240,000 600,000 284,600 $1,105,600 600,000 115,000 $1,045,000 Additional information for 2021: 1. Net income is $169,600. 2. Sales on account are $1,183,000. 3. Cost of goods sold is $953,250. 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 %
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