Fulton Company began operations in 1972. The following information was taken from the December 31, 2019 and 2020 financial statements of Fulton Company 2019 6,000 50,000 12,000 40,000 110,000 75,000 57,000 8,000 105,000 405,000 301,000 32,500 520,000 2020 12,000 60,000 17,000 48,000 125,000 75,000 51,000 19,000 105,000 429,000 325,000 30,000 532,000 282,000 Cash Accounts receivable, net Short term investments Inventory Machinery and equipment, net Land Accounts payable Salaries payable Bonds payable, due in 2024 Net sales Cost of goods sold Net income Total assets Total shareholders' equity 262,000 Assuming that the industry average return on assets is 6.5%, calculate Fulton's return on assets equity for 2020 (use two decimal places), and comment on how Fulton's result differs from its industry.

Fulton Company began operations in 1972. The following information was taken from the December 31, 2019 and 2020 financial statements of Fulton Company 2019 6,000 50,000 12,000 40,000 110,000 75,000 57,000 8,000 105,000 405,000 301,000 32,500 520,000 2020 12,000 60,000 17,000 48,000 125,000 75,000 51,000 19,000 105,000 429,000 325,000 30,000 532,000 282,000 Cash Accounts receivable, net Short term investments Inventory Machinery and equipment, net Land Accounts payable Salaries payable Bonds payable, due in 2024 Net sales Cost of goods sold Net income Total assets Total shareholders' equity 262,000 Assuming that the industry average return on assets is 6.5%, calculate Fulton's return on assets equity for 2020 (use two decimal places), and comment on how Fulton's result differs from its industry.

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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