Summit Electronics reports total assets of $1,200,000 and $1,500,000 at the beginning and end of the year, respectively. If the return on assets for the year is 15%, what is Summit's net income for the year?
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What is summits net income for the year? General accounting
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- In 2021, Noble Tech Inc. reported that the company's Return on Assets (ROA) was 10%, and its net profit margin was 6%. Calculate the company's total asset turnover (round your answer to two decimal places).The balance sheet of Hidden Valley Farms reports total assets of $900,000 and $1,010,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%. What is Hidden Valley's net income for the year? Multiple Choice $10,100,000. $9,550,000. $95,500. $101,000.Stackhouse Industries had the following operating results for 2020: sales = $54,510; cost of goods sold = $37,430; depreciation expense = $5,830; interest expense = $1,325; dividends paid = $2,820. At the beginning of the year, net fixed assets were $33,200, current assets were $8,300, and current liabilities were $5,553. At the end of the year, net fixed assets were $42,820, current assets were $9,395, and current liabilities were $5,870. The tax rate was 24 percent. a. What was net income for 2020? (Do not round intermediate calculations.) b. What was the operating cash flow for 2020? (Do not round intermediate calculations.) c. What was the cash flow from assets for 2020? (A negative answer should be indicated by a minus sign. Do not round intermediate calculations.) d-1. If no new debt was issued during the year, what was the cash flow to creditors? (Do not round intermediate calculations.) d-2. If no new debt was issued during the year, what was the cash flow to…
- Nanticoke Industries had the following operating results for 2020: Sales = $30,780; Cost of goods sold = $ 20, 110; Depreciation expense = $5, 540; Interest expense = $2,940; Dividends paid = $1,800. At the beginning of the year, Net fixed assets = $17,390, Current assets = $5,930, Current liabilities = $3,500. At the end of the year, Net fixed assets = $21,010, Current assets = $7,390, Current liabilities = $4,060. The tax rate for 2020 was 30%. a. What is net income for 2020? (Negative answer should be indicated by a minus sign. Omit $ sign in your response.) Net income $ b. What is the operating cash flow for 2020? (Negative answer should be indicated by a minus sign. Omit $ sign in your response.) Operating cash flow $ c. What is the cash flow from assets for 2020? (Negative answer should be indicated by a minus sign. Omit $ sign in your response.) Cash flow from assets $Rollins Corp's total assets at the end of last year were $300,000 and its EBIT was $75,000. What was its basic earning power (BEP)?During the current year, Sokowski Manufacturing earned income of $422,100 from total sales of $6,300,000 and average capital assets of $11,900,000. What is the sales margin? If required, round your answer to one decimal place.
- During the current year, Sokowski Manufacturing earned income of $270,000 from total sales of $4,500,000 and average capital assets of $12,100,000. What is the sales margin? If required, round your answer to one decimal place.Using the AFN formula approach, calculate the total assets of Harmon Photo Company given the following information: Sales this year = $3,000; increase in sales projected for next year = 20%; net income this year = $250; dividend payout ratio = 40%; projected excess funds available next year = $100; accounts payable = $600; notes payable = $100; and accrued wages and taxes = $200. Except for the accounts noted, there were no other current liabilities. Assume that the firm’s profit margin remains constant and that the firm is operating at full capacity. $3,000 $2,200 $2,000 $1,200 $1,000At the end of the year, Universal Utilities (UU) had $1.5 million in total assets. Its total assets turnover was 1.4, and its return on assets (ROA) was 7.14 percent. What were UU's sales revenues and net profit margin?
- What is the return on assets? General accountingPeyton's Palace has net income of $13.4 million on sales revenue of $114 million. Total assets were $80 million at the beginning of the year and $88 million at the end of the year. Calculate Peyton's return on assets, profit margin, and asset turnover ratios. (Enter your answers in millions. (i.e., $5,500,000 should be entered as 5.5).) Return on Assets Numerator/Denominator Amounts Peyton's Palace % Profit Margin Numerator/Denominator Amounts Peyton's Palace % Asset Turnover Numerator/Denominator Amounts Peyton's Palace timesIn 2025, Dollar Time Corporation earned sales revenues of $1,320,000 with related cost of goods sold of $720,000. The company incurred administrative expenses of $310,00 and had other revenues and gains of $22,000. Income tax expense was $31,000. Based on this information, the company will report gross profit for the year of