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You have reported a net income of $35,000 for the past year. At the beginning of the year, the company had $280,000 in assets and $85,000 in liabilities. By the end of the year, assets had increased to $400,000 and liabilities were $120,000. Calculate its return on assets. A. 8.2% B. 10.3% C. 12.5% D. 15.8%

You have reported a net income of $35,000 for the past year. At the beginning of the year, the company had $280,000 in assets and $85,000 in liabilities. By the end of the year, assets had increased to $400,000 and liabilities were $120,000. Calculate its return on assets. A. 8.2% B. 10.3% C. 12.5% D. 15.8%

EBK CONTEMPORARY FINANCIAL MANAGEMENT
EBK CONTEMPORARY FINANCIAL MANAGEMENT
14th Edition
ISBN:9781337514835
Author:MOYER
Publisher:MOYER
Chapter3: Evaluation Of Financial Performance
Section: Chapter Questions
Problem 19P
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You have reported a net income solution this accounting questions

You have reported a net income of $35,000 for the past year. At the beginning of the year, the company had $280,000 in assets and $85,000 in liabilities. By the end of the year, assets had increased to $400,000 and liabilities were $120,000. Calculate its return on assets. A. 8.2% B. 10.3% C. 12.5% D. 15.8%
Transcribed Image Text:You have reported a net income of $35,000 for the past year. At the beginning of the year, the company had $280,000 in assets and $85,000 in liabilities. By the end of the year, assets had increased to $400,000 and liabilities were $120,000. Calculate its return on assets. A. 8.2% B. 10.3% C. 12.5% D. 15.8%
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