Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

- Pizza Store reported total assets at December 31 totaling $291,000. The following selected amounts were taken from its financial statements for its year ending

- Pizza Store reported total assets at December 31 totaling $291,000. The following selected amounts were taken from its financial statements for its year ending December 31:

Retained earnings

$56,000

Sales

$340,000

Accounts receivable

7,000

Common stock

150,000

Inventory

21,000

Net income

35,000

Notes payable

16,000

Dividends paid

12,000

How much (roughly - which of the below is closest) is the companys return on equity as of December 31?

A. 10.35%

B. 16.99%

C. 62.57%

D. 29.26%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions