The income statement, balance sheets, and additional information for Cloud Mangu are provided. CLOUD HANGU Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land $ 1,900,000 848,000 26,000 7,900 14,500 47,000 CLOUD MANGU Balance Sheets December 31 $ 2,986,000 2,043,400 $ 142,600 2024 2023 $ 190,340 $ 136,220 79,900 59,000 105,000 134,000 10,560 5,280 104,000 209,000 238,000

The income statement, balance sheets, and additional information for Cloud Mangu are provided. CLOUD HANGU Income Statement For the Year Ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Loss on sale of land Interest expense Income tax expense Total expenses Net income Assets Current assets: Cash Accounts receivable Inventory Prepaid rent Long-term assets: Investments Land $ 1,900,000 848,000 26,000 7,900 14,500 47,000 CLOUD MANGU Balance Sheets December 31 $ 2,986,000 2,043,400 $ 142,600 2024 2023 $ 190,340 $ 136,220 79,900 59,000 105,000 134,000 10,560 5,280 104,000 209,000 238,000

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

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Base on the income statement below, and if my Ave total assets is 1,725.What is my Return on assets? Formula:Return on Assets = Net Income (before Interest znd Tax) / Average Total assets Thanks in Advance, expert!
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