A company reports the following income statement and balance sheet information for the current year: Net income

Question:

A company reports the following income statement and information for the current year:
Net income .................................... $ 400,000
Total assets, beginning of year .............. 3,450,000
Total assets, end of year....................... 3,700,000
Determine the return on assets.
Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...