Oleander Corporation had total assets of $ 1,200,000 on 31 December 20X3. At 31 December 20X4, total
Question:
Oleander Corporation had total assets of $ 1,200,000 on 31 December 20X3. At 31 December 20X4, total assets had increased to $ 1,400,000. Oleander's statement of changes in equity disclosed the following amounts at the beginning and end of 20X4:
The company's 20X4 statement of comprehensive income showed the following amounts:
Earnings from continuing operations, net of income tax $ 53,000
Earnings (loss) from discontinued operations, net of income tax (4,000)
Other comprehensive income (2,000)
Comprehensive income $ 47,000
Required:
Determine Oleander Corporation's
(1) Return on assets and
(2) Return on invested capital for the year 20X4 based on net income.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Step by Step Answer:
Intermediate Accounting
ISBN: 978-0071339476
Volume 1, 6th Edition
Authors: Beechy Thomas, Conrod Joan, Farrell Elizabeth, McLeod Dick I