The balance sheets at the end of each of the first two years of operations indicate the following

If net income is $103,758 and interest expense is $32,370 for 2012, what is the rate earned on stockholders' equity for 2012 (round percent to two decimal points)?

Transcribed Image Text:

2012 2011 Total current assets $605,699 $554,255 Total investments 66,565 53,979 Total property, plant, and equipment 856,499 734,403 Total current liabilities 103,131 80,457 Total long-term liabilities 245,052 280,244 Preferred 9% stock, $100 par 85,664 85,664 Common stock, S10 par 507,278 507,278 Paid-in capital in excess of par-common stock 63,610 63,610 Retained earnings 488,836 360,576