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The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017 2018 2017

The balance sheets for Plasma Screens Corporation and additional information are provided below.

PLASMA SCREENS CORPORATION Balance Sheets December 31, 2018 and 2017

2018

2017

Assets
Current assets:
Cash $ 116,800 $ 120,000
Accounts receivable 78,000 92,000
Inventory 95,000 80,000
Investments 4,000 2,000
Long-term assets:
Land 480,000 480,000
Equipment 790,000 670,000
Less: Accumulated depreciation (428,000) (268,000)
Total assets $ 1,135,800 $ 1,176,000
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $ 99,000 $ 85,000
Interest payable 6,000 12,000
Income tax payable 8,000 5,000
Long-term liabilities:
Notes payable 100,000 200,000
Stockholders' equity:
Common stock 700,000 700,000
Retained earnings 222,800 174,000
Total liabilities and stockholders' equity $ 1,135,800 $ 1,176,000

Additional information for 2018:

1. Net income is $48,800.

2. Sales on account are $1,521,500.

3. Cost of goods sold is $1,163,750.

Required:

1. Calculate the following profitability ratios for 2018: (Round your answers to 1 decimal place.)

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