Black Corporation operates general merchandise and food discount stores in the United States. The company reported the
Question:
Black Corporation operates general merchandise and food discount stores in the United States. The company reported the following information for the three years ending January 31, 2017:
Requirements
1. Compute return on assets for Black Corporation for the years ended January 31, 2017, and January 31, 2016.
2. What factors contributed to the change in return on assets during the year?
Transcribed Image Text:
Black Corporation Income Statement (Adapted) For the years ended Jan. 31,Jan. 31,Jan. 31, 2016 67,39065,357 $64,948 44,062 16,622 2 (in millions) 2017 2015 3 Total net revenue 4 Cost of revenue 45,725 16,413 5,252 (757) 4,495 (1,575) 44,157 16,389 4,402 (866) 3,536 (1,322) 5 Selling, general, and administrative ating income or loss 4,673 7 Other revenue (expense) 8 Income before tax (801) 3,872 (1,384) 9 Income tax expense 10 Net income $ 2,920 2,488 2,214 Black Corporation Partial Balance Sheet (Condensed) Jan. 31Jan. 31 Jan. 31 2016 2 (in millions) 2017 2015 3 Total current assets 4 Property, plant, and equipm 5 Other assets 6 Total assets 7 $17,213$18,424 $ 17,488 25,756 862 $ 44,106 25,280 829 43,705 44,533 25,493
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Related Book For
Financial Accounting
ISBN: 978-0134564142
6th Canadian edition
Authors: Walter Jr. Harrison, Charles T. Horngren, C. William Thomas, Greg Berberich, Catherine Seguin
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