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The following data pertain to Summit Inc. for the year ended December 31, 2023: Net sales: $720,000 • Net income: $180,000 • Total assets on January 1, 2023: $2,500,000 Total assets on December 31, 2023: $3,500,000 What was Summit Inc.'s rate of return on assets for 2023? Options: a) 5.4% b) 6.0% c) 6.5% d) 7.2%

The following data pertain to Summit Inc. for the year ended December 31, 2023: Net sales: $720,000 • Net income: $180,000 • Total assets on January 1, 2023: $2,500,000 Total assets on December 31, 2023: $3,500,000 What was Summit Inc.'s rate of return on assets for 2023? Options: a) 5.4% b) 6.0% c) 6.5% d) 7.2%

Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
4th Edition
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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Subject. General accounting

The following data pertain to Summit Inc. for the year ended December 31, 2023: Net sales: $720,000 • Net income: $180,000 • Total assets on January 1, 2023: $2,500,000 Total assets on December 31, 2023: $3,500,000 What was Summit Inc.'s rate of return on assets for 2023? Options: a) 5.4% b) 6.0% c) 6.5% d) 7.2%
Transcribed Image Text:The following data pertain to Summit Inc. for the year ended December 31, 2023: Net sales: $720,000 • Net income: $180,000 • Total assets on January 1, 2023: $2,500,000 Total assets on December 31, 2023: $3,500,000 What was Summit Inc.'s rate of return on assets for 2023? Options: a) 5.4% b) 6.0% c) 6.5% d) 7.2%
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