Business, 21.03.2020 10:26 mccdp55

Use the following information to answer this question.

Bayside, Inc. 2010 Income Statement ($ in thousands)
Net sales $ 6,190
Less: Cost of goods sold 4,500
Less: Depreciation
430

Earnings before interest and taxes $ 1,260
Less: Interest paid
34

Taxable Income $ 1,226
Less: Taxes
368

Net income
$ 858

Bayside, Inc. 2009 and 2010 Balance Sheets ($ in thousands)
2009

2010

2009

2010

Cash $ 145 $ 250 Accounts payable $ 1,730 $ 1,720
Accounts rec. 1,110 950 Long-term debt 870 670
Inventory
1,825

2,100

Common stock $ 3,360 $ 3,340
Total $ 3,080 $ 3,300 Retained earnings
940

1,190

Net fixed assets
3,820

3,620

Total assets
$ 6,900

$ 6,920

Total liab. & equity
$ 6,900

$ 6,920

What is the return on equity for 2010?

A. 18.94 percent

b. 27.06 percent

C. 19.45 percent

D. 12.40 percent

E. 19.95 percent

Answers: 2

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