(L.OBJ. 7) Preparing a corporate balance sheet, and measuring profitability [40-50 min]
The following accounts and December 31, 2010, balances of Vermont Optical Corporation are arranged in no particular order.
Requirements
1. Prepare the company’s classified balance sheet in account format at December 31, 2010.
2. Compute Vermont Optical’s rate of return on total assets and rate of return on common stockholders’ equity for the year ended December 31, 2010.
3. Do these rates of return suggest strength or weakness? Give your reasoning.
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