Please provide answer this financial accounting question The following data pertain to Titan, Inc. for the year ended December 31, 2022:Net sales: $800,000Net income: $200,000Total assets, January 1, 2022: $3,500,000Total assets, December 31, 2022: $4,200,000What was Titan's rate of return on assets (ROA) for 2022?

Step 1: Definition of Rate of Return on Assets (ROA) The Rate of Return on Assets (ROA) is a…

Answered: The following data pertain to Titan,…

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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The following data pertain to Titan, Inc. for the year ended December 31, 2022: Net sales: $800,000 Net income: $200,000 Total assets, January 1, 2022: $3,500,000 Total assets, December 31, 2022: $4,200,000 What was Titan's rate of return on assets (ROA) for 2022?