Comparative balance sheets for Softech Canvas Goods for 2021 and 2020 are shown below. Softech...
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Comparative balance sheets for Softech Canvas Goods for 2021 and 2020 are shown below. Softech pays no dividends and instead reinvests all earnings for future growth.
| Comparative Balance Sheets | ||||||
| ($ in thousands) | ||||||
| December 31 | ||||||
| 2021 | 2020 | |||||
| Assets: | ||||||
| Cash | $ | 50 | $ | 40 | ||
| Accounts receivable | 100 | 120 | ||||
| Short-term investments | 50 | 40 | ||||
| Inventory | 200 | 140 | ||||
| Property, plant, and equipment (net) | 600 | 550 | ||||
| $ | 1,000 | $ | 890 | |||
| Liabilities and Shareholders Equity: | ||||||
| Current liabilities | $ | 240 | $ | 210 | ||
| Bonds payable | 160 | 160 | ||||
| Paid-in capital | 400 | 400 | ||||
| Retained earnings | 200 | 120 | ||||
| $ | 1,000 | $ | 890 | |||
Required: 1. Determine the return on shareholders equity for 2021.
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