Compute florida opticals rate of return on total assets and

Reference no: EM13585433

The following accounts and December 31, 2010, balances of Florida Optical Corporation are arranged in no particular order.

retained earnings- 120,000

inventory- 101,000

prop, plant, equit, ,et- 282,000

prepaod exp - 12,000

goodwill- 62,000

accured liabilites payable- 19,000

long-term note payable- 105,000

acct rec, net- 102,000

cash- 42,000

common stock- $5

100,000 shares unauthorized,

22,000 shares issued- 110,000

div payable- 3,000

paid in cap in excess pre- common- 160,000

acct pay- 34,000

prefered stock 4%, $10 par,

25,000 shares auth,

5,000 shares issued- 50,0000

Total asets dec 31,2009- 505,000

common equity dec 31,2009- 306,000

net income 2010- 43,000

interset exp 2010- 3,600

Requirements

R1. Prepare the company's classified balance sheet in account format at December 31, 2010.

R2. Compute Florida Optical's rate of return on total assets and rate of return on common stockholders' equity for the year ended December 31, 2010.

R3. Do these rates of return suggest strength or weakness? Give your reasoning.

Reference no: EM13585433

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