Cost Accounting Question Solve A company has assets totaling $128,625, liabilities totaling $67,980,and net income for the period totaling $ $74,000. Calculate the returnon assets.A) 27%B) 92%C) 58%D) 74%Explain.

Step 1: Definition of Return on Assets (ROA):The return on assets is a financial ratio that shows…

Answered: A company has assets totaling $128,625,…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter24: Analysis Of Financial Statements

Section: Chapter Questions

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A company reports the following income statement and balance sheet information for the current year: Line Item Description Amount Net income $390,000 Interest expense 60,000 Average total assets 4,500,000 Determine the return on total assets.

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A company has assets totaling $128,625, liabilities totaling $67,980, and net income for the period totaling $ $74,000. Calculate the return on assets. A) 27% B) 92% C) 58% D) 74% Explain.