Use the following information to answer this question.

Bayside, Inc. 2010 Income Statement ($ in thousands)
Net sales $ 6,190
Less: Cost of goods sold 4,500
Less: Depreciation
430

Earnings before interest and taxes $ 1,260
Less: Interest paid
34

Taxable Income $ 1,226
Less: Taxes
368

Net income
$ 858

Bayside, Inc. 2009 and 2010 Balance Sheets ($ in thousands)
2009

2010

2009

2010

Cash $ 145 $ 250 Accounts payable $ 1,730 $ 1,720
Accounts rec. 1,110 950 Long-term debt 870 670
Inventory
1,825

2,100

Common stock $ 3,360 $ 3,340
Total $ 3,080 $ 3,300 Retained earnings
940

1,190

Net fixed assets
3,820

3,620

Total assets
$ 6,900

$ 6,920

Total liab. & equity
$ 6,900

$ 6,920

What is the return on equity for 2010?

A. 18.94 percent

b. 27.06 percent

C. 19.45 percent

D. 12.40 percent

E. 19.95 percent

Assume that all of thurmond company’s sales are credit sales. it has been the practice of thurmond company to provide for uncollectible accounts expense at the rate of one-half of one percent of net credit sales. for the year 20x1 the company had net credit sales of $2,021,000 and the allowance for doubtful accounts account had a credit balance, before adjustments, of $630 as of december 31, 20x1. during 20x2, the following selected transactions occurred: jan. 20 the account of h. scott, a deceased customer who owed $325, was determined to be uncollectible and was therefore written off. mar. 16 informed that a. nettles, a customer, had been declared bankrupt. his account for $898 was written off. apr. 23 the $906 account of j. kenney & sons was written off as uncollectible. aug. 3 wrote off as uncollectible the $750 account of clarke company. oct. 20 wrote off as uncollectible the $1,130 account of g. michael associates. oct. 27 received a check for $325 from the estate of h. scott. this amount had been written off on january 20 of the current year. dec. 20 cater company paid $7,000 of the $7,500 it owed thurmond company. since cater company was going out of business, the $500 balance it still owed was deemed uncollectible and written off. required: prepare journal entries for the december 31, 20x1, and the seven 20x2 transactions on the work sheets provided at the back of this unit. then answer questions 8 and 9 on the answer sheet. t-accounts are also provided for your use in answering these questions. 8. which one of the following entries should have been made on december 31, 20x1?

What is the state tax rate for a resident of arizona whose annual taxable income is $18,000?

What additional information about the numbers used to compute this ratio might be useful in you assess liquidity? (select all that apply) (a) the maturity schedule of current liabilities (b) the average stock price for the industry (c) the average current ratio for the industry (d) the amount of current assets that is concentrated in relatively illiquid inventories