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The balance sheets for Plasma Screens Corporation and additional information are provided below. 2017 $ PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017
The balance sheets for Plasma Screens Corporation and additional information are provided below. 2017 $ PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 Assets Current assets: Cash 176,400 Accounts receivable 88,000 Inventory 100,000 Investments 4,500 Long-term assets: Land 530,000 Equipment 840,000 Less: Accumulated depreciation (478,000) 125,000 97,000 85,000 2,500 530,000 720,000 (318,000) Total assets $ 1,260,900 $ 1,241,500 $ 104,000 6,500 8,500 Liabilities and Stockholders' Equity Current liabilities: Accounts payable Interest payable Income tax payable Long-term liabilities: Notes payable Stockholders' equity: Common stock Retained earnings 90,000 12,500 5,500 120,000 240,000 750,000 271,900 750,000 143,500 Total liabilities and stockholders' equity $ 1,260,900 $ 1,241,500 Additional information for 2018: 1. Net income is $128,400. 2. Sales on account are $1,702,000. 3. Cost of goods sold is $1,276,500. Required: 1. Calculate the following profitability ratios for 2018: (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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