The balance sheet of Mi-T-M reports total assets of $400,000 and $450,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%. What is Mi-T-M's net income for the year? A. $42,500 B. $85,000 C. $45,000 D. $4,250,000
The balance sheet of Mi-T-M reports total assets of $400,000 and $450,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%. What is Mi-T-M's net income for the year? A. $42,500 B. $85,000 C. $45,000 D. $4,250,000
Chapter2: Analysis Of Financial Statements
Section: Chapter Questions
Problem 8PROB
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The balance sheet of Mi-T-M reports total assets of $400,000 and $450,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%. What is Mi-T-M's net income for the year?
A. $42,500
B. $85,000
C. $45,000
D. $4,250,000
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