What is the company's average total assets for the year on these general accounting question? A company reports a net income of$250,000. The return on assets for the yearis 20%. What is the company's average totalassets for the year?

the formula for the return on assets is: net income / average total assetshowever, the return on…

Answered: A company reports a net income of…

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter16: Financial Statement Analysis

Section: Chapter Questions

Problem 9BE

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The income statement account balamnces for the year ended Dec. 31 shows the following: Net Sales 875,000 COGS 700,000 Expenses 143,000 How much is the profit?
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A company reports a net income of $250,000. The return on assets for the year is 20%. What is the company's average total assets for the year?