Victory's Companies, a home improvement store chain, reported the following summarized figures: (Click the icon to view the balance sheets.) (Click the icon to view the income statement.) Victory's has 20,000 common shares outstanding during 2024. Read the requirements. Requirement 1. Compute the profit margin ratio for Victory's Companies for 2024. Begin by selecting the formula to calculate Victory's Companies' profit margin ratio. Then enter the amounts and calculate the profit margin ratio for 2024. (Round your answer to one tenth of a percent. X.X%.) Net income = Profit margin ratio. standing during 2021 i Income Statement Victory's Companies Income Statement Years Ended May 31, 2024 and 2023 Net Sales Revenue Cost of Goods Sold Interest Expense All Other Expenses Net Income 2024 2023 $ 51,200 $ 50,700 22,500 28,600 400 140 7,500 8,400 $ 20,800 $ 13,560 Print Done rofi Balance Sheets Victory's Companies Balance Sheet May 31, 2024 and 2023 Assets Liabilities 2024 2023 2024 2023 Cash $ 2,200 $ 1,800 Total Current Liabilities $ 24,000 $ 12,900 Short-term Investments 26,000 14,000 Long-term Liabilities 13,800 11,600 Accounts Receivable 7,200 5,300 Total Liabilities 37,800 24,500 Merchandise Inventory 6,800 5,900 Stockholders' Equity 10,000 Other Current Assets 2,500 Common Stock 13,000 13,000 35,400 20,000 Total Current Assets 52,200 29,500 Retained Earnings 34,000 All Other Assets 28,000 Total Equity 48,400 33,000 86,200 $ 57,500 86,200 $ 57,500 Total Assets Total Liabilities and Equity Print Done (Ro i Requirements 1. Compute the profit margin ratio for Victory's Companies for 2024. 2. Compute the rate of return on total assets for 2024. 3. Compute the asset turnover ratio for 2024. 4. Compute the rate of return on common stockholders' equity for 2024. 5. Are these rates of return strong or weak? Explain your reasoning. Print Done 34.000 28,000 Total Equity - X 48,400