The information below has been taken from a business's financial statements. Income statement: Profit from operations: $48\,000$ Debenture interest: $(4\,550)$ Loss on disposal of non-current asset: $(3\,250)$ Profit for the year: $40\,200$ Statement of financial position: $7\%$ debenture: $65\,000$ Ordinary share capital: $95\,000$ Share premium: $7\,500$ Retained earnings: $35\,000$ Calculate the return on capital employed (ROCE).
- A$19.9\%$
- B$23.7\%$
- C$29.2\%$
- D$34.9\%$