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e balance sheets for Dual Monitors Corporation and additi DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 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 Additional information for 2024: 2024 $180, 160 66,000 89,000 3,400 420,000 730,000 (368,000) 2023 $93,800 5,000 7,000 110,000 640,000 264,760 $114,000 86,000 74,000 1,400 420,000 610,000 (208,000) $1,120,560 $1,097,400 $79,000 11,400 4,400 220,000 640,000 142,600 $1,120,560 $1,097,400

e balance sheets for Dual Monitors Corporation and additi DUAL MONITORS CORPORATION Balance Sheets December 31, 2024 and 2023 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 Additional information for 2024: 2024 $180, 160 66,000 89,000 3,400 420,000 730,000 (368,000) 2023 $93,800 5,000 7,000 110,000 640,000 264,760 $114,000 86,000 74,000 1,400 420,000 610,000 (208,000) $1,120,560 $1,097,400 $79,000 11,400 4,400 220,000 640,000 142,600 $1,120,560 $1,097,400

FINANCIAL ACCOUNTING
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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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: 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 $122,160. 2. Sales on account are $1,314,800. (All sales are credit sales.) 3. Cost of goods sold is $1,035,050. 2024 $180, 160 66,000 89,000 3,400 2023 $114,000 86,000 74,000 1,400 420,000 420,000 730,000 610,000 (368,000) (208,000) $1,120,560 $1,097,400 $93,800 $79,000 5,000 11,400 7,000 4,400 110,000 220,000 640,000 640,000 264,760 142,600 $1,120,560 $1,097,400
Transcribed Image Text: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: 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 $122,160. 2. Sales on account are $1,314,800. (All sales are credit sales.) 3. Cost of goods sold is $1,035,050. 2024 $180, 160 66,000 89,000 3,400 2023 $114,000 86,000 74,000 1,400 420,000 420,000 730,000 610,000 (368,000) (208,000) $1,120,560 $1,097,400 $93,800 $79,000 5,000 11,400 7,000 4,400 110,000 220,000 640,000 640,000 264,760 142,600 $1,120,560 $1,097,400
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 e. Return on equity % % % times % ered 1 Required 2 >
Transcribed Image Text: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 e. Return on equity % % % times % ered 1 Required 2 >
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