Flitter reported net income of $23,500 for the past year. At the beginning of the year the company had $212,000 in assets and $62,000 in liabilities. By year end, assets had increased to $312,000 and liabilities were $87,000. Calculate its return on assets: Multiple Choice 11.1%. 9.0%. 7.5%. 35.7%.

Flitter reported net income of $23,500 for the past year. At the beginning of the year the company had $212,000 in assets and $62,000 in liabilities. By year end, assets had increased to $312,000 and liabilities were $87,000. Calculate its return on assets: Multiple Choice 11.1%. 9.0%. 7.5%. 35.7%.

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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Question

Flitter reported net income of $23,500
for the past year. At the beginning of
the year the company had $212,000 in
assets and $62,000 in liabilities. By
year end, assets had increased to
$312,000 and liabilities were $87,000.
Calculate its return on assets:
Multiple Choice
11.1%.
9.0%.
7.5%.
35.7%.
26.0%.

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