Not use ai given answer general Accounting Summit Corporation reports the following financial data:ItemAmount ($)Net Income36,000Average Total Assets400,000Interest Expense12,000Average Common Equity 150,000Preferred Dividends15,000Calculate Summit's return on assets (ROA).a) 7%b) 9%c) 12%d) 10%

Step 1: Define Return on Assets (ROA)Return on Assets (ROA) is a financial metric that measures how…

Answered: Summit Corporation reports the…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter17: Financial Statement Analysis

Section17.4: Analyzing Financial Statements Using Financial Ratios

Problem 1WT

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HCB, Inc.'s financial partial statements are shown below. HCB Income Statement 2021 Sales 2,000.0 Assets 2021 Cash 86.0 Accounts receivable 360.0 Inventory 320.0 Short-term investments 223.0 Total current assets 989.0 Net fixed assets 1,940.0 Total assets 2,929.0 Liabilities and equity 2021 Accounts payable 200.0 Accruals 240.0 Short-term debt 292.9 Total current liabilities 732.9 Long-term debt 1,757.4 Total liabilities 2,490.3 Par + paid in capital less treasury 238.7 Retained earnings 200.0…

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Summit Corporation reports the following financial data: Item Amount ($) Net Income 36,000 Average Total Assets 400,000 Interest Expense 12,000 Average Common Equity 150,000 Preferred Dividends 15,000 Calculate Summit's return on assets (ROA). a) 7% b) 9% c) 12% d) 10%