The following data pertain to cowl, inc. for the year ended December 31,2017 The following data pertain to Cowl, Inc. for the yearended December 31, 2007:Net salesNet incomeTotal assets, January 1, 2007,$600,000150,0002,000,000Total assets, December 31, 2007, 3,000,000What was Cowl's rate of return on assets for 2007?a. 5%b. 6%c. 20%d. 24%

Step 1: Define Return On AssetsReturn on assets (ROA) indicates how much income is generated on a…

Answered: The following data pertain to Cowl,…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter15: Capital Investment Analysis

Section: Chapter Questions

Problem 15.5.1MBA

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Calculating the Average Total Assets and the Return on Assets The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows. Also, assume a tax rate of 31%. Somerville CompanyIncome StatementFor the Year Ended December 31, 20X2 Amount Percent Net sales $8,281,989 100.0% Less: Cost of goods sold (5,383,293) 65.0 Gross margin $2,898,696 35.0 Less: Operating expenses (1,323,368) 16.0 Operating income $1,575,328 19.0 Less: Interest expense (50,000) 0.6 Income before taxes $1,525,328 18.4 Less: Income taxes (31%)* (472,852) 5.7 Net income $1,052,476 12.7 * Includes both state and federal taxes. Somerville CompanyStatement of Retained EarningsFor the Year Ended December 31, 20X2 Balance, beginning of period $1,979,155 Net income $1,052,476 Total $3,031,631 Preferred dividends (80,000) Dividends to common stockholders (201,887) Balance, end of period…
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Answer the following: 16. Gross Profit ratio17. Operating Ratio18. Rate of return on Assets

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The following data pertain to Cowl, Inc. for the year ended December 31, 2007: Net sales Net income Total assets, January 1, 2007, $600,000 150,000 2,000,000 Total assets, December 31, 2007, 3,000,000 What was Cowl's rate of return on assets for 2007? a. 5% b. 6% c. 20% d. 24%