The following information pertains to Skysong, Inc. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit.
Assets
Cash and short-term investments $ 45900
Accounts receivable (net) 38000
Inventory 23100
Property, plant and equipment 211000
Total Assets $ 318000
Liabilities and Stockholders' Equity
Current liabilities $ 61000
Long-term liabilities 89100
Stockholders' equity-common 167900
Total Liabilities and Stockholders' Equity $ 318000
Income Statement Sales revenue $ 97000
Cost of goods sold 71500
Gross profit 25500
Operating expenses 10700
Net income $ 14800
Number of shares of common stock 7900
Market price of common stock $ 19
Dividends per share on common stock 7.6
Cash provided by operations $ 31000
Problem 1: What is the return on common stockholders' equity for this company?