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 balance sheet information for the current year:

Net income ......................... $ 502,000
Interest expense ..................... 113,000
Average total assets .......... 3,800,000

Determine the return on total assets. Round percentage to one decimal place.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For answer-question

Accounting

ISBN: 9781337902687

28th Edition

Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider

See More Books

Question Posted: Apr 14, 2021 06:24 AM

See More Questions

The following income statement and balance sheet information are available for two firms, Firm A and Firm B. (a) Calculate the amount of dividends Firm A and Firm B paid using the information given....
Assume the following income statement and balance sheet information for the year ended December 31, 2017: Sales Cost of goods sold Gross profit Operating expenses $200 120 80 Rent Net income 30 $50...
Use the following income statement and balance sheet information to put together a statement of cash flows. 2013 Assets 2012 S25,000 $21,990 2013 Sales S1,230,000 Cash Accounts receivable Cost of...
If f(x) = 5x + 1, find and simplify each of the following in Problem. f(f( -1))
Consider the demand curve for pomegranates in two countries. In one country, pomegranates are a critical part of the diet and are central to the preparation of many popular food recipes. For most of...
(a) Construct a frequency marginal distribution. (b) Construct a relative frequency marginal distribution. (c) Construct a conditional distribution by x. (d) Draw a bar graph of the conditional...
What do you know about the mathematical value of a project's internal rate of return under each of the following conditions? a. The present worth of the project is greater than 0 . b. The present...
Slugger Corporation produces baseball bats for kids that it sells for $ 36 each. At capacity, the company can produce 50,000 bats a year. The costs of producing and selling 50,000 bats are as...
Float is defined as the difference between the balance shown on the books and the balance in the bank account. A lag often occurs between the time receipts and disbursements are recorded on the...
In each case, write a program implemented using Spark (either on AWS or Databricks), to: Find the 5 most frequent and 5 least frequent (but present)t bi-grams for your dataset (only digits, not the...
Ralph Lauren Corporation sells apparel through company-owned retail stores. Recent financial information for Ralph Lauren follows (in thousands): Assume that the apparel industry average return on...
A company reports the following income statement and balance sheet information for the current year: Net income .................................. $ 110,000 Interest expense...
Solve each inequality. Graph the solution set, and write it using interval notation. -4 x + 3 10
Elara plc is considering an investment in a new process. The new process will require an increase in stocks of $30,000 during the first year. There will also be an increase in debtors outstanding of...
The records of Anderson Inc. provide the following information for the tax year 2020. There was no beginning balance in deferred tax account(s). Taxable income for 2020 was $168,000. Tax rate is...
Goodie company, whose year end is December 31, entered into the following transaction relating to notes payable during 2020,. Nov 15 Purchased inventory costing $60000 from Crystal company by paying...
Issued Common stock, receiving $5,000 in cash. 2. Billed $9,300 to customers for performing accounting services, of which $4.500 was in cash. 3. Bought a laptop for $2200 with no salvage value and an...
Sam's factory experienced a small explosion. Two of his best machines were destroyed in the resultant fire. The first machine had an adjusted basis of $5,000 after depreciation of $6,000 and a fair...
Fill in the blank with "oxidized" or "reduced." a. Secondary alcohols are _____ to ketones. b. Acyl halides are _____ to aldehydes. c. Aldehydes are _____ to primary alcohols. d. Alkenes are _____ to...
AB CORPORATION ISSUED THE FOLLOWING 850 COMMON STOCKS PAR VALUE P100 750 PARTICIPATING PREFERRED STOCKS PAR VALUE P100 AT 3% AB CORPORATION DECLARED P100,000.00 DIVIDEND IN 2022.
What is meant by a dilutive security?
What is meant by a dilutive security?
What is meant by a dilutive security?
2) The following engineering stress-strain data were obtained at the beginning of the tensile test for a metal. (Note that these data only give the beginning part of the stress-strain curve) i. Plot...
3) An aluminium alloy specimen of gauge length 75 mm and of diameter 11.28 mm was subjected to a tensile test, with these results: Load (kN) Daya (kN) Extension (mm) 0 2 6.5 11.5 13.6 16 18 19 20.5...
A bracket (AISI 1040 HR steel) is attached to a fixed plate (AISI 1040 HR steel) by means of two M10 steel bolts as shown the figure below. The force F is caused by a hanging monkey having 300 kg...

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

Question:

Step by Step Answer:

Return on Total Assets is calculated by Earnings be...View the full answer

Accounting

Students also viewed these Business questions