Alice Appliance Service had net income for the year of $58,500. In addition, the balance sheet reports the following balances:

Calculate the return on assets for Alice Appliance Service for the year ending December 31, 2018.

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Jan 1, 2018 Dec 31, 2018 $ 58,000 $ 32,000 Notes Payable Cash 134,200 34,000 Office Furniture 44,000 23,000 Building 160,000 160,000 Accounts Payable 11,500 11,000 Total Stockholders' Equity 204,500 333,000 Accounts Receivable 2,200 19,800 24,000 Equipment 42,000 Office Supplies 4,800 2,000