Flitter reported net income of $23,500 for the past year. At the beginning of the year the company had $212,000 in assets and $62,000 in liabilities. By the end of the year, assets had increased to $312,000 and liabilities were $87,000. Calculate its return on assets:

Multiple Choice

26.0%.

35.7%.

7.5%.

9.0%.

11.1%.

Savvy Sightseeing had beginning equity of $82,000; revenues of $120,000, expenses of $75,000, and withdrawals by owners of $10,000. Calculate the ending equity.

Multiple Choice

$37,000.

$27,000.

$127,000.

$45,000.

$117,000.