Question: Precision Tool 2011 and 2012 Balance Sheets 2012 2011 2012 2011 $2,060 Cash $1,003 Accounts payable $7.250 58.384 Accounts rec. 3.411 4,218 Long-term debt 9.800

Precision Tool 2011 and 2012 Balance Sheets 2012 2011 2012 2011 $2,060 Cash $1,003 Accounts payable $7.250 58.384 Accounts rec. 3.411 4,218 Long-term debt 9.800 11.500 18.276 21.208 Common stock 15,000 17,500 Inventory Total $24,247 $27,129 Retained earning 6357 3.825 Net fixed assets 14.160 14.00 $41209 Total assets $38.407 Total Hab & equity $38,497 $41.202 $36,408 Precision Tool 2012 Income Statement Net sales Less: Cost of goods sold Less: Depreciation Earnings before interest and taxes Less: Interest paid 28,225 1.760 6,423 510 Taxable income $5,913 Less: Taxes 2.070 Net income $3.843 What is the return on equity for 2012? 15.29 percent 16.46 percent 17.38 percent 18.02 percent 18.12 percent

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