What is the return on assets on these general accounting question? Velocity Sports has an inventory of $120,000 in sportsequipment for sale. Its sales for the year totalled$300,000. During the year, the company paid $30,000 inrent and utilities, $40,000 to its repair technician, and$200,000 for the sports equipment it sold.What was Velocity Sports' ROA (Return on Assets)?

Step 1: Define Return on Assets (ROA)The Return on Assets (ROA) measures a company's profitability…

Answered: Velocity Sports has an inventory of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter11: Long-term Assets

Section: Chapter Questions

Problem 2EA: Jada Company had the following transactions during the year: Purchased a machine for $500,000 using...

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Peyton's Palace has net income of $13.4 million on sales revenue of $114 million. Total assets were $80 million at the beginning of the year and $88 million at the end of the year. Calculate Peyton's return on assets, profit margin, and asset turnover ratios. (Enter your answers in millions. (i.e., $5,500,000 should be entered as 5.5).) Return on Assets Numerator/Denominator Amounts Peyton's Palace % Profit Margin Numerator/Denominator Amounts Peyton's Palace % Asset Turnover Numerator/Denominator Amounts Peyton's Palace times
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