Business, 13.06.2020 19:57 terrenevans4156
Garrott Corporation's total assets were $1,505,000 at the end of Year 2 and $1,520,000 at the end of Year 1. Its total stockholders' equity was $1,197,000 at the end of Year 2 and $1,180,000 at the end of Year 1.
Income Statement
For the Year Ended December 31, Year 2
Sales (all on account) $1,340,000
Cost of goods sold 830,000
Gross margin 510,000
Operating expenses 465,143
Net operating income 44,857
Interest expense 9,000
Net income before taxes 35,857
Income taxes (30%) 10,757
Net income $ 25,100
The company's return on equity for Year 2 is closest to:
Answers: 2
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