The balance sheets for Dual Monitors Corporation and additional information are provided below.DUAL MONITORS CORPORATIONBalance SheetsDecember 31, 2024 and 2023AssetsCurrent assets:CashAccounts receivableInventoryInvestmentsLong-term assets:LandEquipmentLess: Accumulated depreciationTotal assetsLiabilities and Stockholders' EquityCurrent liabilities:Accounts payableInterest payableIncome tax payableLong-term liabilities:Notes payableStockholders' equity:Common stockRetained earningsTotal liabilities and stockholders' equityAdditional Information for 2024:1. Net Income is $150,600.2. Sales on account are $1,215,500. (All sales are credit sales.)3. Cost of goods sold is $973,400.Complete this question by entering your answers in the tabs below.a. Gross profit ratiob. Return on assetsc. Profit margind. Asset turnovere. Return on equity202419.9 %13.9 %%6$208,60060,00086,0003,100times%6390,000390,000700,000580,000(338,000) (178,000)$1,109,700$1,058,100$88,2006,0008,000110,000610,000287,500$1,109,7002023$111,00083,00071,0001,100Required: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?$76,00011,1004,100220,000Required 1 Required 2Calculate the following profitability ratios for 2024: (Round your answers to 1 decimal place.)Profitability Ratios610,000136,900$1,058,100

The return on equity is calculated as the net income divided by the average stockholders' equity.…

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 $150,600. 2. Sales on account are $1,215,500. (All sales are credit sales.) 3. Cost of goods sold is $973,400. 2024 $208,600 60,000 86,000 3,100 $88,200 6,000 8,000 2023 390,000 390,000 700,000 580,000 (338,000) (178,000) $1,109,700 $1,058,100 110,000 610,000 287,500 $1,109,700 $111,000 83,000 71,000 1,100 $76,000 11,100 4,100 220,000 610,000 136,900 $1,058,100 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?

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 $150,600. 2. Sales on account are $1,215,500. (All sales are credit sales.) 3. Cost of goods sold is $973,400. 2024 $208,600 60,000 86,000 3,100 $88,200 6,000 8,000 2023 390,000 390,000 700,000 580,000 (338,000) (178,000) $1,109,700 $1,058,100 110,000 610,000 287,500 $1,109,700 $111,000 83,000 71,000 1,100 $76,000 11,100 4,100 220,000 610,000 136,900 $1,058,100 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?

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter10: Long-term Liabilities

Section: Chapter Questions

Problem 10.12E

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