Ridgetop Corporation Reported the Following Amounts on Its Balance Sheet

Short Answer

Ridgetop Corporation reported the following amounts on its balance sheet at December 31,2011:
$$\begin{array} { l r } \text { Total current assets } & \$ 1,800,000 \\\text { Total long-term assets } & 900,000 \\\text { Total current liabilities } & 1,300,000 \\\text { Total long-term liabilities } & 500,000 \\\text { Total equity } & 900,000 \\\text { Net income } & 100,000\end{array}$$ On January 1,2011,total assets were $2,000,000,total liabilities were $1,200,000 and total equity was $800,000.Calculate Ridgetop's return on assets.