Please give me answer general accounting question Calculate the return on total assets (before tax) from the following.Credit sales 750,000Cash sales 320,000COGS - 615,000Other operating expenses - 288,000Total assets - 940,000

Step 1: Definition of Return on Total Assets (ROA)Return on Total Assets (Before Tax) is a financial…

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Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 32BEB

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The following comparative information is available for Larkspur, Inc. for 2022. LIFO FIFO Sales revenue $91,000 $91,000 Cost of goods sold 40,000 31,600 Operating expenses (including depreciation) 27,000 27,000 Depreciation 10,000 10,000 Cash paid for inventory purchases 18,920 18,920 Determine net income under each approach. Assume a 30% tax rate. Net income $ LIFO FIFO Determine net cash provided by operating activities under each approach. Assume that all sales were on a cash basis and that income taxes and operating expenses, other than depreciation, were on a cash basis. Net cash provided by operating activities LIFO FIFO $ Calculate the quality of earnings ratio under each approach. (Round answers to 2 decimal places, e.g. 5.15.) LIFO Quality of earnings ratio FIFO
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1
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Calculate the return on total assets (before tax) from the following. Credit sales 750,000 Cash sales 320,000 COGS - 615,000 Other operating expenses - 288,000 Total assets - 940,000