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Cher Enterprises reported net income of $2,100,000. The average total liabilities were $6,800,000 and the average total stockholders' equity was $7,400,000. Interest expense was $250,000 and the tax rate was 30%. What is the return on assets ratio?

Cher Enterprises reported net income of $2,100,000. The average total liabilities were $6,800,000 and the average total stockholders' equity was $7,400,000. Interest expense was $250,000 and the tax rate was 30%. What is the return on assets ratio?

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Cher Enterprises reported net income of $2,100,000. The average total liabilities were $6,800,000 and the average total stockholders' equity was $7,400,000. Interest expense was $250,000 and the tax rate was 30%. What is the return on assets ratio?

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