Exercise $12-8($Algo$)$ Calculate profitability ratios $($LO$12-4)$

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

Additional information for $2024$:

Net income is $$79,960.$

Sales on account are $$1,486,300.($All sales are credit sales.$)$

Cost of goods sold is $$1,141,800.$

Required:

Calculate the following profitability ratios for $2024$ :

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 $1$

Calculate the following profitability ratios for $2024$: $($Round your answers to $1$ decimal place.$)$