Exercise 12-8 (Algo) Calculate profitability ratios (LO12-4) The balance sheets for Dual Monitors Corporation and additional...

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Exercise 12-8 (Algo) Calculate profitability ratios (LO12-4) The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: 2024 2023 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 Additional information for 2024: 1. Net income is $83,840. 2. Sales on account are $1,628,900. (All sales are credit sales.) 3. Cost of goods sold is $1,230,800. $151,840 $123,000 84,000 95,000 98,000 83,000 4,300 2,300 510,000 510,000 820,000 700,000 (458,000) (298,000) $1,210,140 $1,215,300 $99,600 $88,000 7,500 12,300 9,500 5,300. 100,000 200,000 730,000 730,000 263,540 179,700 $1,210,140 $1,215,300 Additional information for 2024: 1. Net income is $83,840. 2. Sales on account are $1,628,900. (All sales are credit sales.) 3. Cost of goods sold is $1,230,800. Required: 1. Calculate the following profitability ratios for 2024: 2. When we compare two companies, can one have a higher return on assets while the other has a higher return on equity? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover % % % times e. Return on equity % Exercise 12-8 (Algo) Calculate profitability ratios (LO12-4) The balance sheets for Dual Monitors Corporation and additional information are provided below. DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 Assets Current assets: 2024 2023 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 Additional information for 2024: 1. Net income is $83,840. 2. Sales on account are $1,628,900. (All sales are credit sales.) 3. Cost of goods sold is $1,230,800. $151,840 $123,000 84,000 95,000 98,000 83,000 4,300 2,300 510,000 510,000 820,000 700,000 (458,000) (298,000) $1,210,140 $1,215,300 $99,600 $88,000 7,500 12,300 9,500 5,300. 100,000 200,000 730,000 730,000 263,540 179,700 $1,210,140 $1,215,300 Additional information for 2024: 1. Net income is $83,840. 2. Sales on account are $1,628,900. (All sales are credit sales.) 3. Cost of goods sold is $1,230,800. Required: 1. Calculate the following profitability ratios for 2024: 2. When we compare two companies, can one have a higher return on assets while the other has a higher return on equity? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place.) Profitability Ratios a. Gross profit ratio b. Return on assets c. Profit margin d. Asset turnover % % % times e. Return on equity %