17. The average stockholders' equity for Horn Co. last year was $4,000,000. Included in this figure was $400,000 of preferred stock. Preferred dividends were $56,000. If the return on common stockholders' equity was 13% for the year, net income was:

A. $524,000 B. $520,000 C. $468,000 D. $464,000

22. Brandon Company's net income last year was $110,000 and its interest expense was $31,000. Total assets at the beginning of the year were $730,000 and total assets at the end of the year were $780,000. The company's income tax rate was 30%. The company's return on total assets for the year was closest to:

A. 17.4% B.16.9% C. 18.0% D.14.6%

25. Irastan Company, a retailer, had cost of goods sold of $390,000 last year. The beginning inventory balance was $84,000 and the ending inventory balance was $76,000. The company's average sale period was closest to: (Assume 365 days a year.)

A. 71.15 days B. 74.87 days C. 78.66 days D. 149.59 days

11.Spade Company recorded the following events last year:

Insurance of shares of the company's own common stock	$180,000
Purchase of long-term investment	$78,000
Dividends paid to the company's own shareholders	$41,400
Cash paid to suppliers for inventory purchases	$2,600
Repayment of principal on the company's own bonds	$202,000
Interest paid to lenders	$23,400
Collection by Spade of a loan made to another company	$178,000
Purchase of equipment	$460,000

On the statement of cash flows, some of these events are classified as operating activities, some are classified as investing activities, and some are classified as financing activities.

Based solely on the information above, the net cash provided by (used in) financing activities on the statement of cash flows would be:

	$(63,400)
	$60,000
	$(113,200)
	$1,165,400