Ridgetop Corporation Reported the Following Amounts on Its Balance Sheet

question 21

Short Answer

Ridgetop Corporation reported the following amounts on its balance sheet at December 31,2011:
$$\begin{array} { l r } \text { Total current assets } & \$ 1,800,000 \\\text { Total long-term assets } & 900,000 \\\text { Total current liabilities } & 1,300,000 \\\text { Total long-term liabilities } & 500,000 \\\text { Total equity } & 900,000 \\\text { Net income } & 100,000\end{array}$$ On January 1,2011,total assets were $2,000,000,total liabilities were $1,200,000 and total equity was $800,000.Calculate Ridgetop's return on assets.

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Definitions:

Eukaryotes

Organisms whose cells have a nucleus enclosed within a nuclear envelope, making up one of the three recognized domains of life, including plants, animals, fungi, and protists.

Transcription Initiation

The first stage of gene expression in which the enzyme RNA polymerase binds to a promoter region of DNA, starting the process of RNA synthesis.

TATA Box

A DNA sequence found in the promoter region of genes, indicating where transcription begins; crucial for gene expression.

Methyl Groups

An alkyl derived from methane, containing one carbon atom bonded to three hydrogen atoms - CH3. It can modify DNA molecules and affect gene expression when added to DNA sequences.