The balance sheets for Dual Monitors Corporation and additional information are provided below.DUAL MONITORS CORPORATIONBalance SheetsDecember 31, 2024 and 2023Assets.Current assets:CashAccounts receivableInventoryInvestmentsLong-term assets:LandEquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payable.Income tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equityAdditional information for 2024:1. Net income is $91,560.2. Sales on account are $1,416,800. (All sales are credit sales.)3. Cost of goods sold is $1,098,500.2024$149,56072,00092,0003,700450,000760,0002023450,000640,000(398,000) (238,000)$1,129,260 $1,136,700$95,4006,0008,000$117,00089,00077,0001,700$82,00011,7004,700220,000670,000148,300110,000670,000239,860$1,129,260 $1,136,700Required: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 2Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place.)Profitability Ratiosa. Gross profit ratiob. Return on assetsc. Profit margind. Asset turnovere. Return on equity%%%times%< Required 1Required 2 >

Gross profit ratioIt is a financial ratio helps to determine the profitability of the business.…

Answered: Calculate the following profitability…

Business

Accounting

Calculate the following profitability ratios for 2024:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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