Subject general accounting The following data pertain to Hannah Corp. forthe year ended December 31, 2023:Net salesNet incomeTotal assets, January 1, 2023$850,000$170,000$2,400,000Total assets, December 31, 2023 $2,800,000What was Hannah's rate of return on assets for2023?

Explanation of Net Income:Net income is the profit a company earns after subtracting all expenses…

Answered: The following data pertain to Hannah…

Cornerstones of Financial Accounting

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ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 54CE

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The following data pertain to Hannah Corp. for the year ended December 31, 2023: Net sales Net income Total assets, January 1, 2023 $850,000 $170,000 $2,400,000 Total assets, December 31, 2023 $2,800,000 What was Hannah's rate of return on assets for 2023?