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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
Assets
Current assets:
Cash $ 242,000 $ 130,000
Accounts receivable 98,000 102,000
Inventory 105,000 90,000
Investments 5,000 3,000
Long-term assets:
Land 580,000 580,000
Equipment 890,000 770,000
Less: Accumulated depreciation (528,000 ) (368,000 )
Total assets $ 1,392,000 $ 1,307,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 109,000 $ 95,000
Interest payable 7,000 13,000
Income tax payable 9,000 6,000
Long-term liabilities:
Notes payable 110,000 220,000
Stockholders' equity:
Common stock 800,000 800,000
Retained earnings 357,000 173,000
Total liabilities and stockholders' equity $ 1,392,000 $ 1,307,000

Additional information for 2021:

  1. Net income is $184,000.
  2. Sales on account are $1,890,000.
  3. Cost of goods sold is $1,394,250.

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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 % 13.6% 9.7% 1.4 times %

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