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.
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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
A company reports the following income statement and
| 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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