The owner's equity in a business amounted to $76,000 at the beginning of the year and $135,000 at the end of the year. The owner had made no additional investments and had withdrawn $39,000 during the year. The net income for the year amounted to:

The owner's equity in a business amounted to $76,000 at the beginning of the year and $135,000 at the end of the year. The owner had made no additional investments and had withdrawn $39,000 during the year. The net income for the year amounted to:

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Problem related general Accounting

The owner's equity in a business amounted to $76,000 at
the beginning of the year and $135,000 at the end of the
year. The owner had made no additional investments and
had withdrawn $39,000 during the year. The net income
for the year amounted to:

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
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