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Use the beginning and ending balance sheets and an income statements you calculate the following for the year 2012: Net cash farm income $164,333 Gross cash farm income Beginning asset value $1,233,550 Ending asset value $744,333 $1,298,000 Beginning equity $846,225 Ending equity $868,000 Interest expense $30,000 Capital asset change $-87,280 Inventory change $0 $15,000 unpaid labor & $15,000 unpaid management The rate of return on assets for 2012 was? A. 13% B. 10% C. 18% D. 6%

Use the beginning and ending balance sheets and an income statements you calculate the following for the year 2012: Net cash farm income $164,333 Gross cash farm income Beginning asset value $1,233,550 Ending asset value $744,333 $1,298,000 Beginning equity $846,225 Ending equity $868,000 Interest expense $30,000 Capital asset change $-87,280 Inventory change $0 $15,000 unpaid labor & $15,000 unpaid management The rate of return on assets for 2012 was? A. 13% B. 10% C. 18% D. 6%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Use the beginning and ending balance sheets and an income statements you calculate the following for the year 2012: Net cash farm income $164,333 Gross cash farm income Beginning asset value $1,233,550 Ending asset value $744,333 $1,298,000 Beginning equity $846,225 Ending equity $868,000 Interest expense $30,000 Capital asset change $-87,280 Inventory change $0 $15,000 unpaid labor & $15,000 unpaid management The rate of return on assets for 2012 was? A. 13% B. 10% C. 18% D. 6%
Transcribed Image Text:Use the beginning and ending balance sheets and an income statements you calculate the following for the year 2012: Net cash farm income $164,333 Gross cash farm income Beginning asset value $1,233,550 Ending asset value $744,333 $1,298,000 Beginning equity $846,225 Ending equity $868,000 Interest expense $30,000 Capital asset change $-87,280 Inventory change $0 $15,000 unpaid labor & $15,000 unpaid management The rate of return on assets for 2012 was? A. 13% B. 10% C. 18% D. 6%
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