Flitter reported net income of $20,000 for the past year. At the beginning of the year the company had $205,000 in assets and $55,000 in liabilities. By year end, assets had increased to $305,000 and liabilities were $80,000. Calculate its return on assets:
Flitter reported net income of $20,000 for the past year. At the beginning of the year the company had $205,000 in assets and $55,000 in liabilities. By year end, assets had increased to $305,000 and liabilities were $80,000. Calculate its return on assets:
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Flitter reported net income of $20,000 for the past year. At the beginning of the year the company had $205,000 in assets and
$55,000 in liabilities. By year end, assets had increased to $305,000 and liabilities were $80,000. Calculate its return on assets:
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Flitter reported net income of $20,000 for the past year. At the beginning of the year the company had $205,000 in assets and
$55,000 in liabilities. By year end, assets had increased to $305,000 and liabilities were $80,000. Calculate its return on assets:
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