Garrott Corporations total assets were $1,505,000 at the end of Year 2 and $1,520,000 at...
60.1K
Verified Solution
Link Copied!
Question
Accounting
Garrott Corporations 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 companys return on equity for Year 2 is closest to:
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.