The balance sheets for Plasma Screens Corporation and additional information are provided below. PLASMA SCREENS...
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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 $ $ 189,040 90,000 101,000 4,600 126,000 98,000 86,000 2,600 540,000 850,000 (488,000) $1,286,640 540,000 730,000 (328,000) $1,254,600 Assets Current assets: 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 $ $ 101,200 8,500 10,500 91,000 12,600 5,600 100,000 200,000 760,000 306,440 $1,286,640 760,000 185,400 $1,254,600 Additional information for 2021: 1. Net income is $121,040. 2. Sales on account are $1,739,000. 3. Cost of goods sold is $1,299,650. 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 Te. Return on equity times
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