Donaghue Company's financial statements follow: Donaghue's return on stockholders' equity for 2014 is

A. $2,479 million. / B. 20.9%. / C. 13.8%. /D. 9.66%.

Donaghue Company

Consolidated Balance Sheets

December 31, 2014 and 2013

(In millions, except per share data)

2014

2013

Assets

Current assets:

Cash and equivalents

$590 $445

Accounts and notes receivable

760 836

Inventories, at cost, not in excess of market

140 110

Prepaid expense and other current assets

500 415

Total current assets	1,990	1,806
Property and equipment:
Property and equipment, at cost	28,760	26,600
Accumulated depreciation and amortization	(8,830)	(7,900)
Net property and equipment	19,930	18,700
Other assets:
Investments in affiliates	1,070	1,020
Goodwill, net	1,720	1,590
Miscellaneous	950	1,130
Total other assets	3,740	3,740
Total assets	$25,660	$24,246
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$570	$610
Income taxes	72	18
Other taxes	225	185
Accrued interest	183	180
Accrued restructuring and restaurant closing costs	130	305
Accrued payroll and other liabilities	912	725
Current maturities of long-term debt	386	275
Total current liabilities	2,478	2,298
Long-term debt	8,800	9,300
Other long-term liabilities and minority interests	730	560
Deferred income taxes	1,030	1,015
Total liabilities	$13,038	$13,173
Stockholders' equity:
Preferred stock, no par value; authorized140.0 million shares; issuednone	---	---
Common stock, $.01 par value; authorized2.0 billion shares;
issued1,700 million shares	17	17
Additional paid-in capital	1,141	2,130
Unearned ESOP compensation	(95)	(104)
Retained earnings	21,809	19,600
Accumulated other comprehensive income (loss)	(850)	(1,570)
Common stock in treasury, at cost; 800 and 1,000 million shares	(9,400)	(9,000)
Total stockholders' equity	12,622	11,073
Total liabilities and stockholders' equity	$25,660	$24,246

Donaghue Company

Consolidated Statements of Income (Adapted)

Years Ended December 31, 2014 and 2013

(In millions, except per share data)

2014

2013

Revenues

Sales by Company-operated restaurants

$13,400 $11,400

Revenues from franchised and affiliated restaurants

4,500 3,700

Total revenues

17,900 15,100

Food and paper (Cost of goods sold)

2,680 3,990

Payroll and employee benefits

4,000 2,900

Occupancy and other operating expenses

3,300 2,500

Franchised restaurantsoccupancy expenses

943 830

Selling, general, and administrative expenses

1,845 1,725

Other operating expense, net

545 855

Total operating expenses

13,313 12,800

Operating income

4,587 2,300

Interest expense

360 350

Other nonoperating expense, net

96 63

Income before income taxes

4,131 1,887

Income tax expense

1,652 660

Net income

$2,479 $1,227

Per common share basic:

Net Income

$2.75 $1.75

Dividends per common share

$0.30 $0.45