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Question 38 The following information pertains to Concord Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 47000 25000 Accounts receivable (net) Inventory Property, plant and equipment (net) 21000 207000 Total Assets $300000 Liabilities and Stockholders' Equity Current liabilities $ 50000 94000 Long-term liabilities Stockholders' equity-common Total Liabilities and Stockholders' Equity 156000 $300000 Income Statement $ 120000 63000 Sales (net) Cost of goods sold Gross profit Operating expenses Net income 57000 33000 $ 24000 Net income $ 24000 Number of shares of common stock 8000 $18 Market price of common stock Dividends per share 0.60 What is the return on assets for Concord? 16% 8% 6% 12%