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Key financial figures for Apple's two most recent fiscal years follow. Current Prior Year Year $ millions Liabilities + Equity Net income Revenues $ 338,516 55,256 260,174 Required: 1. What is the total amount of assets invested in Apple in the current year? 2. What is Apple's return on assets for the current year? 3. How much are total expenses for Apple for the current year? 4. Is Apple's current-year return on assets better or worse than competitors' average of 10% return? 365, 725 59,531 265,595 X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Return on assets Required Required Required Required 1 2 3 4 What is Apple's return on assets for the current year? (Round your percentage answer to 1 decimal place.) 16.3X % ! Required information [The following information applies to the questions displayed below.] On December 1, Jasmin Ernst organized Ernst Consulting. On December 3, the owner contributed $84,000 in assets in exchange for its common stock to launch the business. On December 31, the company's records show the following items and amounts. Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock Revenues Using the above information prepare a December income statement for the business. Consulting revenue Total revenues Expenses Miscellaneous expenses Rent expense Salaries expense Telephone expense Total expenses $ 11,360 Cash dividends 14,000 Consulting revenue 3,250 Rent expense 18,000 Salaries expense 46,000 Telephone expense 8,500 Miscellaneous expenses 84,000 Net income X Answer is not complete. ERNST CONSULTING Income Statement $ 14,000 30000 580 3,550 7,000 760 $ 14,000 $ 2,000 14,000 11,890 $ 2,110 3,550 7,000 760 580