Business
Business, 24.06.2019 14:30, Katyazamo

7. below are the two most recent balance sheets and most recent income statement for seashell industries. the company has an effective tax rate of 35%.balance sheet20182017assets: cash$10,000 $ 6,000 accounts receivable (net) 6,000 1,500 inventory 8,000 10,000 long-lived assets 12,000 11,000 less: accumulated depreciation (4,000) (2,000) total assets$32,000 $26,500 liabilities and stockholders’ equity: accounts payable$ 5,000 $ 6,000 deferred revenues1,000 2,000 long-term note payable10,000 10,000 less: discount on note payable(800)(1,000)common stock12,000 6,000 retained earnings 4,800 3,500 total liabilities and stockholders’ equity$32,000 $26,500 income statementfor the year ended december 31, 2018revenues$42,000 cost of goods sold(24,000)depreciation expense(2,000)interest expense(3,000)bad debt expense(2,000)other expense (including income taxes) (9,000)net income$ 2,000 calculate the following financial ratios for 2018: (1) return on assets (roa)(2) return on common shareholders’ equity (roce)(3) accounts receivable turnover

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