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The balance sheets at the end of each of the first two years of operations indicate the following:
2012
2011
Total current assets
$600,000
$560,000
Total investments
60,000
40,000
Total property, plant, and equipment
900,000
700,000
Total current liabilities
125,000
65,000
Total long-term liabilities
350,000
250,000
Preferred 9% stock, $100 par
100,000
Common stock, $10 par
600,000
Paid-in capital in excess of par-common stock
75,000
Retained earnings
310,000
210,000
If net income is $115,000 and interest expense is $30,000 for 2012, what is the rate earned on stockholders'' equity for 2012 (round percent to one decimal point)?
A) 11.1%
B) 14.0%
C) 10.6%
D) 12.4%
At the end of the current year, Accounts Receivable has a balance of $750,000; Allowance for Doubtful Accounts has a credit balance of $11,250; and net sales for the year total $4,150,000.
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