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Optima Corp.'s total assets at the beginning of the year amount to $700,000,000, and its total assets at the end of the year amount to $350,000,000. If its return on assets for the year is 20%, what is Optima's net income for the year?

Optima Corp.'s total assets at the beginning of the year amount to $700,000,000, and its total assets at the end of the year amount to $350,000,000. If its return on assets for the year is 20%, what is Optima's net income for the year?

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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What is optima's net income for the year on these accounting question?

Optima Corp.'s total assets at the beginning of the year amount to $700,000,000, and its total assets at the end of the year amount to $350,000,000. If its return on assets for the year is 20%, what is Optima's net income for the year?
Transcribed Image Text:Optima Corp.'s total assets at the beginning of the year amount to $700,000,000, and its total assets at the end of the year amount to $350,000,000. If its return on assets for the year is 20%, what is Optima's net income for the year?
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