I keep getting the answer 0.119% But it is informing me that this answer is wrong. Return on Total AssetsA company reports the following income statement and balance sheet information for the current year:Net income$273,110Interest expense48,190Average total assets2,700,000Determine the return on total assets. If required, round the answer to one decimal place.

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Description: I keep getting the answer 0.119% But it is informing me that this answer is wrong. Return on Total AssetsA company reports the following income statement and balance sheet information for the current year:Net income$273,110Interest expense48,190Avera

Introduction:- The return on assets (ROA) measures how lucrative a company's assets are at…

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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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I keep getting the answer 0.119% But it is informing me that this answer is wrong.

Return on Total Assets

A company reports the following income statement and balance sheet information for the current year:

Net income	$273,110
Interest expense	48,190
Average total assets	2,700,000

Determine the return on total assets. If required, round the answer to one decimal place.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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