Use the following information to answer this question.
Bayside, Inc. 2010 Income Statem...
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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