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- return on assets Is:

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FINANCIAL ACCOUNTING
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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Please answer both. This is part A and B
A company's Income Tax Payable account decreased from $25 millon to $22 million during the year. If Its Income tax expense was $85 mllion, what would be shown as cash pald for Income taxes under the direct method? Multiple Cholce A cash outflow of $82 million. A cash outflow of $85 million. A cash outflow of $88 million. A cash outflow of $22 million.
Transcribed Image Text:A company's Income Tax Payable account decreased from $25 millon to $22 million during the year. If Its Income tax expense was $85 mllion, what would be shown as cash pald for Income taxes under the direct method? Multiple Cholce A cash outflow of $82 million. A cash outflow of $85 million. A cash outflow of $88 million. A cash outflow of $22 million.
Richard's Sporting Goods reports net Income of $160,000, net sales of $520,000, and average assets of $1,700,000. The return on assets Is: Multiple Cholce 30.6% 3.2 times. 9.4%. 30.8%
Transcribed Image Text:Richard's Sporting Goods reports net Income of $160,000, net sales of $520,000, and average assets of $1,700,000. The return on assets Is: Multiple Cholce 30.6% 3.2 times. 9.4%. 30.8%
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