I don't need ai answer general accounting question A corporation reported $88 million in net income for the fiscalyear. The company's average total assets during the same periodwere $800 million.What is the return on assets (ROA)?

The formula for Return on Assets (ROA) is:ROA = Net Income ÷ Average Total AssetsGiven:Net Income =…

Answered: A corporation reported $88 million in…

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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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
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A corporation reported $88 million in net income for the fiscal year. The company's average total assets during the same period were $800 million. What is the return on assets (ROA)?