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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 $ 552,700 Interest expense 97,540 Average total assets 5,080,000 Determine return on total assets. If required, round the answer to one decimal place. fill the blank 1 of 1 %

A company reports the following income statement and balance sheet information for the current year: Line Item Description Amount Net income $ 552,700 Interest expense 97,540 Average total assets 5,080,000 Determine return on total assets. If required, round the answer to one decimal place. fill the blank 1 of 1 %

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 $ 552,700 Interest expense 97,540 Average total assets 5,080,000 Determine the return on total assets. If required, round the answer to one decimal place. fill in the blank 1 of 1 %
Transcribed Image Text:A company reports the following income statement and balance sheet information for the current year: Line Item Description Amount Net income $ 552,700 Interest expense 97,540 Average total assets 5,080,000 Determine the return on total assets. If required, round the answer to one decimal place. fill in the blank 1 of 1 %
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