Return on assets is equal to:

Multiple Choice

Net income divided by average total assets.

Net income divided by long$-$term assets.

Net income divided by average long$-$term assets.

Average total assets divided by net income.

Multiple Choice

A debit to inventory for $$5,800.$

A credit to inventory for $$700.$

A credit to cost of goods sold for $$700.$

A debit to cost of goods sold for $$5,800.$