Calculate the return on assets (ROA) for AliceAppliance Service for the year ending December 31, 2016Alice Appliance Service had net income for the year of $23,000. In addition, the balance sheet reports the following balances ; Jan. 1, 2016Dec. 31, 2016Notes Payable2$46,000 $50,000Cash33,00024,800Office Furniture27,00054,000Building175,0b0175,000Accounts Payable8,50011,000Total Owner's Equity205,700258,800Accounts Receivable3,20016,800Equipment16,00048,000Office Supplies6,0001,200

Name: Calculate the return on assets (ROA) for AliceAppliance Service for t
Uploaded: 2022-11-23T13:49:46.000Z
Channel: Bartleby
Description: Calculate the return on assets (ROA) for AliceAppliance Service for the year ending December 31, 2016Alice Appliance Service had net income for the year of $23,000. In addition, the balance sheet reports the following balances ; Jan. 1, 2016Dec. 31

RETURN ON ASSET : = ( NET INCOME / AVERAGE ASSETS ) X 100

Answered: Calculate the return on assets (ROA)…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

100%

Practice Pack

Calculate the return on assets (ROA) for AliceAppliance Service for the year ending December 31, 2016

Alice Appliance Service had net income for the year of $23,000. In addition, the balance sheet reports the following balances ;

Jan. 1, 2016
Dec. 31, 2016
Notes Payable
2$
46,000 $
50,000
Cash
33,000
24,800
Office Furniture
27,000
54,000
Building
175,0b0
175,000
Accounts Payable
8,500
11,000
Total Owner's Equity
205,700
258,800
Accounts Receivable
3,200
16,800
Equipment
16,000
48,000
Office Supplies
6,000
1,200

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

Expert Solution

Trending now

This is a popular solution!

Learn your way

Includes step-by-step video

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions