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27. The 2019 and 2020 partial balance sheets for Fox Industries are shown below: 2019 2020 Current Assets Cash and cash equivalents $ 16,000 $

27. The 2019 and 2020 partial balance sheets for Fox Industries are shown below:

2019

2020

Current Assets

Cash and cash equivalents

$ 16,000

$ 14,000

Accounts Receivable, net

20,000

24,000

Inventory

25,000

23,000

Marketable equity securities

5,000

5,000

Total Current Assets

66,000

66,000

Plant & Equipment, net

60,000

40,000

Total Assets

126,000

106,000

Current Liabilities

20,000

30,000

Noncurrent Liabilities

60,000

40,000

Total Liabilities

80,000

70,000

Total Stockholders' Equity

46,000

36,000

Total liabilities and Stockholders' Equity

$126,000

$106,000

Additionally, Fox's Income Statement for 2020 is as follows:

Net sales (all credit sales)

$180,000

Cost of Goods Sold

100,000

Gross margin

80,000

Operating expenses

30,000

Interest expense

12,000

Net income before taxes

38,000

Income tax

9,500

Net income

$ 28,500

If Fox's income tax rate is 25%, what is the return on assets?

Group of answer choices
35.38%
24.57%
26.89%
32.33%

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