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Sales......... Cost of goods sold... Selling and administrative expense...... Depreciation expense.. Interest expense.... Taxes ......... Preferred stock dividends.............. Number of common Shares outstanding......... Seneca's Asset Turnover Ratio? $2,200,000 $1,300,000 $420,000 $150,000 ..... $90,000 35% $10,000 ..... 120,000 Multiple Choice 0 Enough information not available 8.5 1.67 Given the financial information for the A.E. Neuman Corporation. Calculate Return on Equity for 2019 Assets 2019 2018 Cash $45,000 Marketable Securities 175,000 240,000 Accounts Receivable Inventories $50,000 160,000 220,000 275,000 55,000 $760,000 1,550,000 600,000 Investments 230,000 70,000 $760,000 1,300,000 450,000 Total current assets Plant and Equipment Less Accumulated Amortization Net plant and Equipment Total Assets $950,000 $850,000 1,710,000 1,610,000 LIABILITIES AND SHAREHOLDERS EQUITY Accounts payable $85,000 $110,000 Notes payable 10,000 65,000 Accrued Expenses 5,000 30,000 Income Taxes Payable 10,000 5,000 Bonds Payable (2022) 900,000 800,000 Common Stock 200,000 200,000 (100,000 shares) Retained Earnings 500,000 400,000 Total Liabilities and $1,710,000 $1,610,000 Shareholders' Equity A.E. Neuman Corporation Income Statement For the Year Ended December 31, 2019 Sales $ 5,500,000 Sales $ 5,500,000 Less: Cost of Goods Sold 4,200,000 Gross Profit 1,300,000 Less: Selling, General & Administrative 260,000 Expenses Operating profit 1,040,000 Less: Amortization Expense 150,000 Earnings Before Interest and laxes 890,000 Less: Interest Expense 90,000 Earnings Before Taxes 800,000 Less: Taxes (50%) 400,000 Net Income $ 400,000