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The following accounts and related balances of Stork Designers, Inc., as of December 31, 2020, are arranged in no particular order. (Click the icon
The following accounts and related balances of Stork Designers, Inc., as of December 31, 2020, are arranged in no particular order. (Click the icon to view the account information.) Requirements Account information Cash Accounts receivable, net Contributed surplus Accrued liabilities $ 42,000 Interest expense 16,300 24,000 Property, plant and equipment, net 357,000 25,000 Common shares. 22,000 300,000 shares authorized, Long-term note payable 95,000 110,000 shares issued 110,000 Inventory 89,000 Prepaid expenses 14,000 Dividends payable 8,000 Common shareholders' equity, Retained earnings ? December 31, 2019 233,000 Accounts payable Trademarks, net Goodwill 136,000 Net income 84,000 5,000 Total assets, 15,000 December 31, 2019 494,000 Net sales 400,000 Print Done Requirements 1. Prepare Stork's classified balance sheet in the account format at December 31, 2020. 2. Compute Stork's return on total assets and return on equity for the year ended December 31, 2020. 3. Do these rates of return suggest strength or weakness? Give your reason. Print Done - X
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