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What is needed to solve a Return on Assets? Balance sheet only or Balance Sheet with Income Statement?

What is needed to solve a Return on Assets? Balance sheet only or Balance Sheet with Income Statement?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)
22nd Edition
ISBN:9781305666160
Author:James A. Heintz, Robert W. Parry
Publisher:James A. Heintz, Robert W. Parry
Chapter14: Adjustments And The Work Sheet For A Merchandising Business
Section: Chapter Questions
Problem 7RQ
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What is needed to solve a Return on Assets? Balance sheet only or Balance Sheet with Income Statement?
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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

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Net Sales Less Cost sales (lost of Good old Grocs Income (profit) Less operating Expense Selling Administrative Total Operating Expense (Net Profit EBIT Income from operations Lest interest Expense Income before Tax iess Income тах 12021 Net Income (Proptt) Earning per common share 3,280 2,120 4160 350 420 770 390 30 360 126 234 2.34 2020 2,950 1917 1,033 100 480 $80 453 25 428 lug. 80 278, 20 2.78
Transcribed Image Text:Net Sales Less Cost sales (lost of Good old Grocs Income (profit) Less operating Expense Selling Administrative Total Operating Expense (Net Profit EBIT Income from operations Lest interest Expense Income before Tax iess Income тах 12021 Net Income (Proptt) Earning per common share 3,280 2,120 4160 350 420 770 390 30 360 126 234 2.34 2020 2,950 1917 1,033 100 480 $80 453 25 428 lug. 80 278, 20 2.78
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