Morgan Inc. reported total assets at December 31 totaling $109,000. The following selected amounts were...
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Morgan Inc. reported total assets at December 31 totaling $109,000. The following selected amounts were taken from its financial statements for its year ending December 31: Retained earnings $18,000 Sales $170,000 Accounts receivable 3,500 Common stock 75,000 Inventory 10,500 Net income 21,000 Notes payable 16,000 Dividends paid 6,000 How much is the companys return on equity as of December 31? Select one: a. 62.57% b. 28.00% c. 10.35% d. 22.58%
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