The Financial Statements of Midwest Tours Are Given Below

question 43

Multiple Choice

The financial statements of Midwest Tours are given below. Refer to the financial statements of Midwest Tours.The firm's return on equity ratio for 2009 is

• A)12.24%.
• B)14.63%.
• C)15.50%.
• D)14.50%.
• E)16.9%.

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Definitions:

Mutual Mistake

A legal concept where both parties involved in a contract have a shared misunderstanding about a critical fact of the contract.

Unilateral Mistake

Occurs when one party to a contract is mistaken about a basic assumption on which they made the contract, and the other party either knows or has reason to know of the mistake.

Standard-Size

Refers to products or items that are made to adhere to specific, established dimensions or norms commonly accepted in their category.

Rescinded Contract

A contract that has been declared void by one or both parties, returning them to the position they were in before the contract was made.