Jan 1, 2018 Dec 31, 2018 Notes Payable $ 32,000 $ 58,000 Cash 34,000 134,200 Office Furniture 23,000 44,000 Building 160,000 160,000 Accounts Payable 11,500 11,000 Total Stockholders' Equity 204,500 333,000 Accounts Receivable 2,200 19,800 Equipment 24,000 42,000 Office Supplies 4,800 2,000

Survey of Accounting (Accounting I)
8th Edition
ISBN:9781305961883
Author:Carl Warren
Publisher:Carl Warren
Chapter8: Liabilities And Stockholders' Equity
Section: Chapter Questions
Problem 8.4MBA
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Calculating Return on Assets

Alice Appliance Service had net income for the year of $58,500. In addition, the balance sheet reports the following balances:

Calculate the return on assets for Alice Appliance Service for the year ending December 31, 2018.

Jan 1, 2018
Dec 31, 2018
Notes Payable
$ 32,000
$ 58,000
Cash
34,000
134,200
Office Furniture
23,000
44,000
Building
160,000
160,000
Accounts Payable
11,500
11,000
Total Stockholders' Equity
204,500
333,000
Accounts Receivable
2,200
19,800
Equipment
24,000
42,000
Office Supplies
4,800
2,000
Transcribed Image Text:Jan 1, 2018 Dec 31, 2018 Notes Payable $ 32,000 $ 58,000 Cash 34,000 134,200 Office Furniture 23,000 44,000 Building 160,000 160,000 Accounts Payable 11,500 11,000 Total Stockholders' Equity 204,500 333,000 Accounts Receivable 2,200 19,800 Equipment 24,000 42,000 Office Supplies 4,800 2,000
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