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Canadian Bacon Inc

Finance

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Canadian Bacon Inc. financial statements are presented in the table below. Based on the information in the table, calculate Return on Assets.

 

Round the answers to two decimal places in percentage form. (Write the percentage sign in the "units" box). Balance Sheet

 

December 31, 2013

 

Cash and marketable securities $112,000

Accounts payable $211,000

Accounts receivable $325,000

Notes payable $51,500

Inventories $426,000

Accrued expenses $50,100

Prepaid expenses $10,700

Total current liabilities $312,600

Total current assets $873,700

Long-term debt $225,000

Gross fixed assets $1,514,000

Par value and paid-in-capital $117,000

Less: accumulated depreciation $315,000

Retained Earnings $1,418,100

Net fixed assets $1,199,000

Common Equity 1,535,100

Total assets $2,072,700

Total liabilities and owner's equity $2,072,700

 

Income Statement Year of 2013

Net sales (all credit) $3,256,600.00

Less: Cost of goods sold $2,572,714.00

Selling and administrative expenses $323,000.00

Depreciation expense $115,000.00

EBIT $245,886.00

Interest expense $29,600.00

Earnings before taxes $216,286.00

Income taxes $86,514.40

Net income $129,77.60