Use the following information for the first year of operations for Layton Novelties,Inc.to answer the following question.Use ending balances whenever average balances are required for computing ratios. 
Cash flow from operating expenses for Layton Novelties is $32,400.
The cash return on assets for Layton Novelties is
Definitions:
Montesquieu
A French philosopher known for his articulation of the theory of separation of powers, which is implemented in many constitutions around the world.
Tyranny
A form of government in which a single ruler holds absolute power and often governs without regard for justice or the rights of citizens.
French Political
Relating to the politics of France, known for its semi-presidential system, bicameral legislature, and a history of both monarchy and republicanism.
Democratic Governments
Systems of governance where power is vested in the people, who exercise that power directly or through elected representatives.
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