Calculating the Average Total Assets and the Return on Assets

The income statement, statement of retained earnings, and balance sheet for Santiago Systems are as follows:

Santiago Systems

Income Statement

For the Year Ended December $31,20$x$2$

$\backslash$table$[[,$Amount,Percent$],[$Net sales,$$5,345,000,100\mathrm{.}0\%$

$$

Santiago Systems

Statement of Retained Earnings

For the Year Ended December $31,20$x$2$

$\backslash$table$[[$Balance$,$ beginning of period,$$1,205,500$

$$

Santiago Systems

Comparative Balance Sheets

At December $31,201$ and $20$X$2$

$\backslash$table$[[,201,202$

$$

Liabilities and Stockholders' Equity

Current liabilities:

$\backslash$table$[[,,],[,,],[$Accounts payable,$240,000,250,000],[$Current maturity of long$-$term debt,$3,000,4,000],[$Accrued payables,$150,000,160,000],[$Total current liabilities,$$640,300,$$$670,230$

$$

$\backslash$table$[[$Additional paid$-$in capital$*,2,500,000,2,500,000$