Paid-in capital in excess of par-common stock

Assignment Help Financial Accounting

Reference no: EM13544475

The balance sheets at the end of each of the first two years of operations indicate the following:

2012

2011

Total current assets

$600,000

$560,000

Total investments

60,000

40,000

Total property, plant, and equipment

900,000

700,000

Total current liabilities

125,000

65,000

Total long-term liabilities

350,000

250,000

Preferred 9% stock, $100 par

100,000

Common stock, $10 par

600,000

Paid-in capital in excess of par-common stock

75,000

Retained earnings

310,000

210,000

If net income is $115,000 and interest expense is $30,000 for 2012, what is the rate earned on stockholders'' equity for 2012 (round percent to one decimal point)?

A) 11.1%

B) 14.0%

C) 10.6%

D) 12.4%

Reference no: EM13544475

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