Fall 2018: Financial Accounting Saray Zarate 9/18/11 Homework: Chapter 1 Score:

Question

Fall 2018: Financial Accounting Saray Zarate 9/18/11 Homework: Chapter 1 Score: 0 of 1 pt E1-39 (similar to) 19 of 21 (18 complete) Hw Score: 72.53%, 15, Question Alec Appliance Service had net income for the year of $35,000. In addition, the balance sheet reports the following balances: EEB (Click the icon to view the balances.) Calculate the return on assets (ROA) for Alec Appliance Service the year ending December 31. 2018. ROA Choose from any list or enter any number in the input fields and then click Check Answer. All parts showing Clear All Check Answer child "stunid "worthless" or a dis 1 sora

Explanation / Answer

Solution Return on asset= Net income/ Average total assets           = 35000/(Opening assets + Closing assest)/2           = 35000/ (231200+468800)/2 0.1 0r 10% Opening assets= 38000+20000+150000+2400+17000+3800= 231200 Closing Assest= 203200+54000+150000+19200+40000+2400= 468800

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