Give correct solution otherwise I give dislike Acme Inc.'s total assets at the beginning of the yearamount to $500,000,000, and its total assets at the endof the year amount to $250,000,000. If its return on assetsfor the year is 28%, what is Acme's net income for theyear?

Step 1:Average Total Assets = (Beginning Total Assets + Ending Total Assets) / 2= ($500,000,000 +…

Answered: Acme Inc.'s total assets at the…

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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Acme Inc.'s total assets at the beginning of the year amount to $500,000,000, and its total assets at the end of the year amount to $250,000,000. If its return on assets for the year is 28%, what is Acme's net income for the year?