Table 13-11
the Following Accounts and Related Balances of ETH

question 39

Essay

Table 13-11
The following accounts and related balances of ETH Engineering Ltd. are as at December 31, 2017 prior to the closing journal entries.
$\begin{array}{|l|r|}\hline\text { Trademark, net } & \$ 17,000 \\\hline \text { Preferred Shares, } \$ 2,50,20,000 \text { authorized and issued } & 200,000 \\\hline \text { Cash } & 320,000 \\\hline \text { Accounts Receivable, net } & 265,000 \\\hline \text { Accrued Liabilities } & 42,000 \\\hline \text { Long-term Note Payable } & 500,000\\\hline \text { Interest Expense } & 35,000 \\\hline \text { Inventory } & 350,000 \\\hline \text { Retained Earnings/(Deficit) } & (1,197,000) \\\hline \text { Accounts Payable } & 75,000 \\\hline \text { Property, Plant, and Equipment, net } & 2,800,000 \\\hline \text { Common Shares, 300,000 shares authorized; 175,000 shares } &\\\text { Issued } & 3,500,000 \\\hline \text { Prepaid Expenses } & 3,000 \\\hline \text { Organization Costs } & 15,000\\\hline\end{array}$ Additional information:
Total Assets, January 1, 2017 $\quad$ $3,200,000
Net income for 2017 $\quad$$\quad$$\quad$$\quad$ $650,000 No new shares were issued in 2017.
-Referring to Table 13-11,calculate the following for 2017:
1.Rate of return on total assets
2.Rate of return on common shareholders' equity
3.Current ratio

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