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:

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Garrott Corporation's total assets were $1,505,000 at the end of Year 2 and $1,520,000 at the end of...