In 2019, Pharoah Company had net sales of $598,000 and cost of goods sold of $358,000. Operating expenses were $152,000, and interest expense was $7,500. The corporations tax rate is 31%. The corporation declared preferred dividends of $10,500 in 2019, and its average common stockholders equity during the year was $182,000.

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Prepare an income statement for Pharoah Company.

Pharoah Company Income Statement December 31, 2019For the Quarter Ended December 31, 2019For the Year Ended December 31, 2019
Total RevenuesIncome from OperationsCost of Goods SoldInterest ExpenseTotal ExpensesNet Income / (Loss)Net SalesIncome Tax ExpenseRetained Earnings, January 1Gross Profit / (Loss)ExpensesDividendsOperating ExpensesRetained Earnings, December 31Income before Income Taxes		$
Income from OperationsRetained Earnings, January 1DividendsTotal RevenuesGross Profit / (Loss)Cost of Goods SoldInterest ExpenseIncome Tax ExpenseTotal ExpensesExpensesRetained Earnings, December 31Net SalesIncome before Income TaxesNet Income / (Loss)Operating Expenses
Operating ExpensesInterest ExpenseExpensesTotal ExpensesGross Profit / (Loss)Cost of Goods SoldTotal RevenuesIncome from OperationsDividendsRetained Earnings, January 1Income before Income TaxesNet SalesIncome Tax ExpenseNet Income / (Loss)Retained Earnings, December 31
Total RevenuesOperating ExpensesNet SalesIncome from OperationsRetained Earnings, January 1ExpensesNet Income / (Loss)Income Tax ExpenseGross Profit / (Loss)Total ExpensesIncome before Income TaxesDividendsCost of Goods SoldInterest ExpenseRetained Earnings, December 31
DividendsInterest ExpenseRetained Earnings, January 1Cost of Goods SoldIncome from OperationsOperating ExpensesIncome Tax ExpenseGross Profit / (Loss)Net SalesTotal RevenuesTotal ExpensesExpensesIncome before Income TaxesRetained Earnings, December 31Net Income / (Loss)
Income Tax ExpenseIncome from OperationsTotal RevenuesTotal ExpensesDividendsIncome before Income TaxesCost of Goods SoldNet Income / (Loss)Retained Earnings, January 1Operating ExpensesRetained Earnings, December 31ExpensesNet SalesGross Profit / (Loss)Interest Expense
Total RevenuesExpensesRetained Earnings, December 31Retained Earnings, January 1Income from OperationsCost of Goods SoldNet Income / (Loss)Operating ExpensesIncome Tax ExpenseIncome before Income TaxesGross Profit / (Loss)Interest ExpenseTotal ExpensesNet SalesDividends
Income from OperationsExpensesGross Profit / (Loss)Total ExpensesTotal RevenuesRetained Earnings, December 31Operating ExpensesRetained Earnings, January 1Net SalesCost of Goods SoldInterest ExpenseIncome before Income TaxesIncome Tax ExpenseDividendsNet Income / (Loss)
Net SalesDividendsOperating ExpensesTotal RevenuesIncome before Income TaxesIncome from OperationsIncome Tax ExpenseInterest ExpenseCost of Goods SoldNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Total ExpensesExpensesGross Profit / (Loss)		$

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New attempt is in progress. Some of the new entries may impact the last attempt grading.Your answer is incorrect.

Compute Pharoah Companys return on common stockholders equity for 2019. (Round answer to 1 decimal place, e.g. 10.5%.)

Return on common stockholders equity

%