The following information is provided for Oceanic Ventures and Pinnacle Holdings: (in $ millions) Oceanic Ventures Pinnacle Holdings Net income 2021 $280 $640 Net sales 2021 3,500 7,200 Total assets 12/31/19 2,400 4,600 Total assets 12/31/20 2,700 5,000 Total assets 12/31/21 3,000 5,500 Capital expenditures $150 $300 What is Pinnacle Holdings' return on assets (rounded) for 2021?

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
ChapterA2: Investments
Section: Chapter Questions
Problem 11MCQ
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The following information is provided for Oceanic Ventures and Pinnacle Holdings:
(in $ millions)
Oceanic Ventures Pinnacle Holdings
Net income 2021
$280
$640
Net sales 2021
3,500
7,200
Total assets 12/31/19 2,400
4,600
Total assets 12/31/20 2,700
5,000
Total assets 12/31/21 3,000
5,500
Capital expenditures $150
$300
What is Pinnacle Holdings' return on assets (rounded) for 2021?
Transcribed Image Text:The following information is provided for Oceanic Ventures and Pinnacle Holdings: (in $ millions) Oceanic Ventures Pinnacle Holdings Net income 2021 $280 $640 Net sales 2021 3,500 7,200 Total assets 12/31/19 2,400 4,600 Total assets 12/31/20 2,700 5,000 Total assets 12/31/21 3,000 5,500 Capital expenditures $150 $300 What is Pinnacle Holdings' return on assets (rounded) for 2021?
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