EBK HORNGREN'S ACCOUNTING, THE FINANCIA
12th Edition
ISBN: 9780134490496
Author: Matsumura
Publisher: YUZU
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Chapter 1, Problem E1.39E
Calculating Return on Assets
Learning Objective 6
Alice Appliance Service had net income for the year of $58,500. In addition, the balance sheet reports the following balances:
| 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 Owner's Equity | 204,500 | 333,000 |
| Accounts Receivable | 2,200 | 19,800 |
| Equipment | 24,000 | 42,000 |
| Office Supplies | 4,800 | 2,000 |
Calculate the return on assets for Alice Appliance Service for the year ending December 31,2018.
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Chapter 1 Solutions
EBK HORNGREN'S ACCOUNTING, THE FINANCIA
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