Want to this question answer general Accounting Phoenix Industries has net income of$420,000, interest payable of $25,000, interestexpense of $8,000, and average total assets of$1,200,000. Calculate the rate of return ontotal assets.

Step 1: Define Rate of Return on Total Assets (ROA)Return on Assets (ROA) measures how efficiently a…

Answered: Phoenix Industries has net income of…

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 32BEB

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Phoenix Industries has net income of $420,000, interest payable of $25,000, interest expense of $8,000, and average total assets of $1,200,000. Calculate the rate of return on total assets.