Please do not give solution in image format thanku Analysis of ROA ComponentsThe comparative income statement and balance sheet of Cowan Kitchen Counters, Inc. are shown.Cowan Kitchen Counters, Inc.Comparative Income StatementFor Years Ended December 31, 20-2 and 20-120-2Net Sales (all on account)Cost of goods soldGross profitOperating expensesOther expense (interest)Income tax expenseNet incomeCashGovernment notes$2,584,0001,868,200$715,800315,20024,200176,800$199,600Cowan Kitchen Counters, Inc.Comparative Balance SheetDecember 31, 20-2 and 20-120-2$255,400250,00020-1$2,163,0001,616,800$546,200221,80024,200106,300$193,90020-1$243,200250,000 Accounts receivable (net)Merchandise inventorySupplies and prepaymentsLandBuilding (net)Office equipment (net)Total assetsCurrent liabilities (accounts payable)Bonds payableTotal liabilitiesCommon stock ($10 par, 180,000 shares)Retained earningsTotal stockholders' equityTotal liabilities and stockholders' equity903,500983,600143,200108,200330,00017,700$2,991,600$703,000220,000$923,000$1,800,000268,600$2,068,600$2,991,600797,500913,60047,500108,200390,60015,000$2,765,600$532,000240,000$772,000$1,800,000193,600$1,993,600$2,765,600Compute ROA for 20-2 using its two basic components (round all calculations to two decimal places).X %

Return on assets =Net Operating income/ Average total assetsWhere,Average total assets = (total…

The comparative income statement and balance sheet of Cowan Kitchen Counters, Inc. are shown. Net Sales (all on account) Cost of goods sold Gross profit Operating expenses Other expense (interest) Income tax expense Net income Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 Cash Government notes $2,584,000 1,868,200 $715,800 315,200 24,200 176,800 $199,600 Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 $255,400 250,000 20-1 $2,163,000 1,616,800 $546,200 221,800 24,200 106,300 $193,900 20-1 $243,200 250,000

The comparative income statement and balance sheet of Cowan Kitchen Counters, Inc. are shown. Net Sales (all on account) Cost of goods sold Gross profit Operating expenses Other expense (interest) Income tax expense Net income Cowan Kitchen Counters, Inc. Comparative Income Statement For Years Ended December 31, 20-2 and 20-1 20-2 Cash Government notes $2,584,000 1,868,200 $715,800 315,200 24,200 176,800 $199,600 Cowan Kitchen Counters, Inc. Comparative Balance Sheet December 31, 20-2 and 20-1 20-2 $255,400 250,000 20-1 $2,163,000 1,616,800 $546,200 221,800 24,200 106,300 $193,900 20-1 $243,200 250,000

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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