QUESTION 11 $ $ Consider the following financial data for Larry's Music Stores: Statement of Financial Position as of December 31, 2012 Cash & equivalents $ 95,000 Accounts payable Receivables 218,000 Notes payable Inventories 278.000 Accrued wages and taxes Total current assets 591,000 Total short-term liab Long-term debt Net fixed assets 641.000 Common equity Total assets $ 1.232.000 Total liabilities & equity Income Statement for the Year Ended December 31, 2012 Sales 1,023,000 Cost of sales 651.000 Gross profit $ 372.000 Operating expenses 207.500 Earnings before interest and taxes (EBIT) 164,500 Teterest expense 67.500 $ Earnings before taxes (EBT) 97.000 Federal and state income taxes (30 percent) 29.100 Net profit 67.900 54,500 144,500 59.500 258.500 468,000 505 509 1.232.000 $ $ Calculate Larry's return on equity (ROE). a. 18.2596