Net Income Calculation from ROA Riverfront Cafe's balance sheet shows total assets of $450,000 on January 1 and $550,000 on December 31 of the current year. If the company's return on assets (ROA) for the year was 16%, what was Riverfront Cafe's net income for the year?

Net Income Calculation from ROA Riverfront Cafe's balance sheet shows total assets of $450,000 on January 1 and $550,000 on December 31 of the current year. If the company's return on assets (ROA) for the year was 16%, what was Riverfront Cafe's net income for the year?

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 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

See similar textbooks

Related questions

Q: Please solve this question

A: Step 1: Definition of Variable Cost, Fixed Cost, and ProfitVariable Cost per Unit refers to costs…

Q: Answer? Financial accounting question

A: Step 1: Define Conversion PriceThe conversion price is the stock price at which a convertible…

Q: hello tutor please help me

A: Step 1: Definition of Net Sales RevenueNet Sales Revenue represents the total revenue a company…

Q: I want to correct answer general accounting question

A: Only the 395 million out of the 420 million salaries expense are paid. This means the difference is…

Q: What is the company's gross profit?

A: Step 1: Information givenNet sales = $250,000Cost of goods sold = $180,000Other information given in…

Q: Required information [The following information applies to the questions displayed below.] Dahlia is…

Q: ans

A: Step 1: Definition of Comprehensive IncomeComprehensive income is basically the difference in the…

Q: Hi experts please provide answer this financial accounting question

A: Step 1: Definition of Return on Equity (ROE) and DuPont FormulaThe Return on Equity (ROE) is a…

Q: Compute Ovitz Corporation's dividend yield during 2023 of this financial accounting question

A: Step 1: Define Dividend YieldDividend yield is the ratio of annual dividends per share to the…

Q: Hy expert give me solution this question problem

A: Step 1: Definition of Actual Manufacturing OverheadActual manufacturing overhead refers to the total…

Q: None

A: Calculate the total amount paid:Multiply the monthly payment by the number of months:Given:Michael's…

Q: A company reported the following information for its most recent year of operation: purchases,…

A: Explanation of Beginning Inventory:Beginning inventory refers to the value of goods a company has in…

Q: Hii expert please provide correct answer general accounting question

A: Step 1: Calculate Total Manufacturing Costs:• Total Manufacturing Costs = Direct Materials Cost +…

Q: Brighton Electronics sold 4,200 units in December at a sales price of $50 per unit. The variable…

A: Concept of Contribution Margin per Unit:Contribution margin per unit is the amount remaining from…

Q: Accounting question

A: Step 1: Define Return on Assets (ROA)Return on Assets (ROA) measures a company's profitability…

Q: Financial Accounting

A: Step 1: Given Value for Calculation Beta = b = 1.3Risk Free Rate = rf = 5%Market Return = rm = 11.5%…

Q: Abc

A: Calculate Net IncomeNet Income = Pretax Profit * (1 − Tax Rate) Net Income = 45,500 * (1 − 30%) Net…

Q: In the current year, Palmer Industries incurred $180,000 in actual manufacturing overhead cost. The…

A: Concept of Actual Manufacturing Overhead: Actual manufacturing overhead represents the total…

Q: General accounting question

A: Step 1: Direct materials Oak boards are considered direct materials because they are a primary…

Q: Glenview Corporation's statement of cash flows

A: Step 1: Introduction to cash flow statementCash flow statement refers to a financial statement…

Q: Can you please answer the financial accounting question?

A: Step 1: Define Dividend Payout RatioThe dividend payout ratio measures the proportion of a company's…

Q: Determine the pension asset/liability .... accounting question

A: Step 1: Definition of Pension LiabilityA pension liability arises when a company's Projected Benefit…

Q: financial account

A: Step 1: Definition of Consolidated StatementsConsolidated financial statements combine the financial…

Q: General Accounting Question need help

A: Step 1: Definition of Net IncomeNet Income is the total revenue minus total expenses, including…

Q: Bradshaw Corporation has beginning work in process inventory of $200,000 and total manufacturing…

A: Concept of Beginning Work in Process Inventory: The beginning work in process inventory represents…

Q: Variable selling expense is a promotional rebate

A: Concept of Variable Product CostVariable product cost refers to the expenses directly incurred in…

Q: Financial accounting

A: Step 1: Define Cash Flow from Operating Activities (Indirect Method)The indirect method of cash flow…

Q: Need correct answer financial accounting question

A: Step 1: Calculate average total assetsStep 2: Apply the ROA formula

Q: Provide Answer of This Question And Please Don't Use Ai Becouse In all Ai give Wrong Answer. And…

A: Step-by-Step Solutions for Each Question1. Contribution Margin per Machine HourGiven Data:Selling…

Q: Get correct answer this financial accounting question not use ai

A: Step 1: Define Stockholders' Equity IncreaseStockholders' equity increases due to net income…

Q: General Accounting question

A: Step 1:The current liabilities include the liability that is due to be paid within 12 months also…

Q: Please give me correct solution this financial accounting question

A: Step 1: Define Dividend AmountThe dividend amount is the actual cash payment per share that a…

Q: Receivable collections in June

A: Concept of Cash Receipts from Accounts ReceivableCash receipts from accounts receivable refer to the…

Q: If cash received from customer

A: Concept of Cash Received from CustomersCash Received from Customers represents the actual cash…

Q: Novartis Pharmaceutical Inc. uses only debt and common equity. It can borrow unlimited amounts at an…

A: Calculations:D1 = $2.5 * (1 + 0.06) = $2.65Re = ($2.65 / $26) + 0.06 = 0.1019 + 0.06 = 0.1619 or…

Q: Compute the applied manufacturing overhead.....

A: Step 1: Definition of Applied Overhead and Over/Underapplied OverheadApplied Overhead refers to the…

Q: Sub. General accounting

A: Step 1: Calculation of Book Value of Old TruckBook Value of Old Truck = Original Cost of New Truck -…

Q: Financial Accounting Question

A: Step 1: Definition of Itemized DeductionsItemized Deductions are specific expenses that taxpayers…

Q: Provide Answer of This Financial Accounting Question And Please Don't Use Ai Becouse In all Ai give…

A: 1. Contribution Margin per Machine HourSelling Price per Unit = $55.00Variable Cost per Unit =…

Q: Please give me true answer this financial accounting question

A: Step 1: Define Cost of Equity CapitalThe cost of equity capital represents the return required by…

Q: I want to correct answer general accounting question

A: Step 1: Definition of Ending InventoryEnding inventory is the merchandise on hand at the end of an…

Q: Don't use ai given answer general accounting questions

A: Step 1: Calculation of average total assetsStep 2: Calculation of total asset turnover

Q: Compute the net income

A: Explanation of Net Sales: Net sales represents the total revenue from sales after deducting sales…

Q: help me to solve this question

A: Step 1: Definition of Net IncomeNet income is the amount of profit a company earns after deducting…

Q: What is their Degree of Operaating Leverage under Option 1 if sales are

A: Concept of Degree of Operating Leverage (DOL)The Degree of Operating Leverage (DOL) is a financial…

Q: hi expert please help me answer

A: Step 1: Definition of Projected Benefit Obligation (PBO)The Projected Benefit Obligation (PBO)…

Q: Please help me with part B

A: Solution for Part (a): Diluted Earnings Per Share with Convertible BondsStep 1: Compute Adjusted Net…

Q: financial account

A: Step 1: Definition of Gross Profit Margin (GPM%) and Markup on Cost PercentageMark-up is the cost…

Q: General Accounting question

A: Step 1: Define Materials Quantity VarianceMaterials Quantity Variance measures the difference…

Q: Hello tutor please help me with accounting questions

A: Step 1: Definition of Initial Markup PercentageThe initial markup percentage represents the…

Question

I not use ai solution please solve this question general Accounting

Net Income Calculation from ROA
Riverfront Cafe's balance sheet shows total assets of $450,000 on January 1 and
$550,000 on December 31 of the current year. If the company's return on assets
(ROA) for the year was 16%, what was Riverfront Cafe's net income for the
year?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: Note: Round answers to two decimal places. 1. Calculate the times-interest-earned ratio. 2. Calculate the debt ratio. 3. Calculate the debt-to-equity ratio.
The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: a. For Costco, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. Comment on the results of your horizontal analysis in part (a). c. Based upon Exercise 2-23, compare and comment on the operating results of Target and Costco for the recent year.
The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
What is summits net income for the year? General accounting
If the following financial information related to XYZ Company. Total Revenues last year $870, depreciation expenses $40, costs of goods sold $350, and interest expenses $50. At the end of the year, current assets were $100 and current liabilities were $105. The company has an average tax rate of 30%. Calculate the net income for XYZ Company by setting up an income statement.
If sales for the year for the Genco Olive Oil Company is $296,024, net income for the year is $22,965, and average assets during the year is $163,628, then calculate the ROA for the year
The balance sheet of ATLF, Inc. reports total assets of $1,950,000 and $2,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $150,000 and $1,000,000, respectively. What is ATLF's profit margin? Select one: a. 10% Ob. 8% O c. 7.5% O d. 15% e. 12%
General accounting
What is the return of assets
Answer this Financial Accounting