Suppose you have been asked to determine the return on net worth for Great Northwest Canoe and Kayak, a small manufacturer of kayaks and canoes, located near Seattle, Wash- ington. For this task, you have been given the following information:
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Categories
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Values
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Sales
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$32,000,000
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Cost of goods sold
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$20,000,000
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Variable expenses
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$ 4,000,000
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Fixed expenses
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$ 6,000,000
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Inventory
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$ 8,000,000
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Accounts receivable
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$ 4,000,000
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Other current assets
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$ 3,000,000
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Fixed assets
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$ 6,000,000
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What is the return on assets for Great Northwest Canoe and Kayak?