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Calculate the rate of return for the following ratios.
The following information has been taken from the financial statements of the Gaines Company. Gaines Company has only issued common stock.
Net income
$ 70,000
Total assets, January 1, 20X9
500,000
Total liabilities, December 31, 20X9
175,000
Net sales
900,000
Interest expense
20,000
Current assets, December 31, 20X9
150,000
Current liabilities, December 31, 20X9
75,000
Income tax expense
25,000
Total assets, December 31, 20X9
575,000
Stockholders' equity, January 1, 20X9
300,000
Stockholders' equity, December 31, 20X9
400,000
Common shares outstanding for 20X9
100,000
Use the given data for the Gaines Company to calculate the following ratios for 20X9: a) rate of return on total assets b) rate of return on common stockholders' equity c) rate of return on net sales d) times-interest-earned ratio e) debt ratio, December 31, 20X9 f) current ratio, December 31, 20X9 g) earnings per share of common stock
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