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The following information pertains to Sheridan Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales

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The following information pertains to Sheridan 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 $58000 Accounts receivable (net) 53000 Inventory 39000 Property, plant and equipment 243000 Total Assets $393000 Liabilities and Stockholders' Equity Current liabilities Long-term liabilities $73000 83000 237000 Stockholders' equity-common Total Liabilities and Stockholders' Equity $393000 Income Statement Sales revenue $96000 Cost of goods sold 48000 Gross profit 48000 Operating expenses 21276 Net income $26724 Number of shares of common stock 16000 Market price of common stock $17 Dividends per share on common stock 3.9 Cash provided by operations $19650 What is the return on assets for this company? 6.8% 6.7% 21.7% 5.0%

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