Reference no: EM132524900
Canadian Bacon Inc. financial statements are presented in the table below.
Question 1: Based on the information in the table, calculate Return on Assets. Round the answers to two decimal places in percentage form. (Write the percentage sign in the "units" box).
Balance Sheet December 31, 2011
Cash and marketable securities $143,000
Accounts payable $278,000
Accounts receivable $354,000
Notes payable $87,000
Inventories $672,000
Accrued expenses $65,000
Prepaid expenses $12,500
Total current liabilities $430,000
Total current assets $1,181,500
Long-term debt $284,000
Gross fixed assets $1,675,000
Par value and paid-in-capital $228,000
Less: accumulated depreciation $500,000
Retained Earnings $1,414,500
Net fixed assets $1,175,000
Common Equity 1,642,500
Total assets $2,356,500
Total liabilities and owner's equity $2,356,500
Income Statement Year of 2011
Net sales (all credit) $3,136,600.00
Less: Cost of goods sold $2,195,620.00
Selling and administrative expenses $345,000.00
Depreciation expense $146,000.00
EBIT $449,980.00
Interest expense $45,300.00
Earnings before taxes $404,680.00
Income taxes $161,872.00
Net income $242,808.00
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