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Business, 16.04.2020 02:58 yoyo1542

Given below are comparative balance sheets and an income statement for Claret Corporation. CLARET CORPORATION Balance Sheets - 2018 Dec. 31 Jan. 1 Cash $ 15,200 $ 15,200 Accounts receivable 46,280 36,900 Inventory 32,100 36,000 Equipment (net) 56,800 65,900 $ 150,380 $ 154,000 Accounts payable 25,600 28,200 Dividends payable 7,400 3,500 Long-term note payable 13,900 13,900 Capital stock, $5 par 72,400 72,400 Retained earnings 31,080 36,000 $ 150,380 $ 154,000 CLARET CORPORATION Income Statement For the year ended 2018 Sales $ 228,400 Cost of goods sold (137,500 ) Gross profit on sales $ 90,900 Operating expenses (75,828 ) Operating income $ 15,072 Interest expense and income taxes (8,900 ) Net income $ 6,172 All sales were made on account. Cash dividends declared during the year totaled $11,092. Claret Corporation's return on assets for 2018 rounded to the nearest tenth of a percent is:

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Given below are comparative balance sheets and an income statement for Claret Corporation. CLARET CO...
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