Mike Smith has the following financial data. Investment Assets at Year End $475,000 Investment Assets at Beginning
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Mike Smith has the following financial data.
Investment Assets at Year End | $475,000 |
Investment Assets at Beginning of the Year | $392,000 |
Savings Made During the Year by Mike | $27,000 |
Employer Match to Mike’s 401(k) Plan | $5,000 |
Total Assets on Ending Statement of Financial Position | $700,000 |
Gross Income on Income Statement | $100,000 |
Total Assets on Beginning Statement of Financial Position | $600,000 |
Total Liabilities at Beginning of the Year | $200,000 |
Total Liabilities at Year End | $180,000 |
What was Mike's ROA for the year?
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
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