Acme Inc.'s total assets at the beginning of the year amount to $500,000,000, and its total assets at the end of the year amount to $250,000,000. If its return on assets for the year is 28%, what is Acme's net income for the year?

Acme Inc.'s total assets at the beginning of the year amount to $500,000,000, and its total assets at the end of the year amount to $250,000,000. If its return on assets for the year is 28%, what is Acme's net income for the year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

See similar textbooks

Related questions

Q: need lcorrect answers

A: Explanation: Direct Labor Budget - The direct labor budget has direct labor hours and direct labor…

Q: Provide answer this question

A: Return on equity (ROE) is a measure of a company's financial performance. It is calculated by…

Q: How to calculate the issue price of the bonds with normal calculator?

A: Referencehttps://www.investopedia.com/terms/b/bond-valuation.asp

Q: Provide correct answer

A: Hello student! The Work-in-Process account represents units that are partially completed during the…

Q: None

A: Step 1: Introduction to the High Low MethodWith the help of the high-low method, companies can…

Q: I work in healthcare and we use a static budget so there are always variances. A lot of the…

A: Addressing Payroll and Outside Service Variances in HealthcareIn the healthcare industry, where…

Q: 7) CALCULATE LIFE INSURANCE COVERAGE IN THE AMOUNT OF THE PREMIUM IS $0.22 PER $1000 PER MONTH…

A: First, we need to calculate the life insurance coverage for each person. This is done by multiplying…

Q: None

A: Step 1: Introduction to the Labor Rate VarianceLabor rate variance is a variation between the actual…

Q: Give me answer with explanation

A: Step 1:We'll utilize compound interest and annuity present value calculations to answer these…

Q: A business operated at 100% of capacity during its first month, with the following results: Sales…

A: Detailed explanation: Production Costs : Direct Materials $ 40,000…

Q: Need help

A: Step 1: Introduction to the Net SalesNet sales are a firm's total earnings after deducting…

Q: I want to answer this question

A: Step 1: Introduction to the Net salesThe income statement is the financial report prepared to…

Q: Calculate net dollar sales and give answer

A: Step 1: Introduction to the Net SalesThe gross sales revenue of a firm takes into account the unit…

Q: None

A: Please refer to these explanations for the answers: Taxable IncomeChuck's taxable income for federal…

Q: None

A: A. Profitability indexThe Profitability Index is determined by dividing a project's net present…

Q: not use ai please

A: here is the octave code: % Define the x range and step size x = linspace(-10, 10, 1000); % Define…

Q: 65 A company had the following transactions. a. The company completed a job for a customer and sent…

Q: 24

A: To calculate the amount of proceeds Sam will get to keep after selling 19 shares of stock, we need…

Q: None

A: Step 1: Introduction to the LiabilitiesLiabilities are defined as the obligations of an individual…

Q: Give true answer

A: Analyzing Kabutell, Inc.'s Quality of Earnings RatioThe Quality of Earnings (QoE) ratio is a…

Q: Need answer

Q: Do not use ai please don't

A: Given that actual labor hours = 9,800 Flexible overhead cost = Standard Cost * Actual labor hours…

Q: Need answer the question

A: Step 1: Introduction to the Labor Variances in Standard CostingThe total direct labor variance in…

Q: Need help

A: Answer:

Q: Please give answer

A: Retail Inventory Method The retail inventory method is a technique used by businesses to estimate…

Q: None

A: Referencehttps://www.investopedia.com/terms/i/ipo.asp

Q: a-2. What is the net cash cost for the year under this target cash balance? (Negative amount should…

A: Explanation of Cash Budget: A cash budget is a financial plan that estimates a company's cash…

Q: None

A: Step 1:a.The following procedures can be used to determine the balance in Aspen's "Investment in…

Q: direct material cost per equivalent unit is a1.10 and there are 2,000 physical units 100% complete…

A: First, we need to calculate the total direct material cost. The direct material cost per equivalent…

Q: Provide solution for this problem

A: Step 1: Introduction to the Exchange valueThe ratio at which one commodity may be swapped for…

Q: Need help

A: Step 1: Introduction to the Ending InventoryEnding Inventory is the amount of inventories that…

Q: Please help solve this question

A: Given:Net Income = $847,700Number of Outstanding Shares = 319,740Share Price = $13.19Now, calculate…

Q: A 5-year project is expected to generate revenues of $100000, variable costs of $24000, and fixed…

A: Conclusion:Thus, the correct answer is: e. $42,875.

Q: Give me accurate answer

A: Which financial statement is provided by virtually all corporations worldwide? Option A. Statement…

Q: I want to answer

A: Step 1: Introduction to the Net ProfitThe earnings after taxes are called the net profit calculated…

Q: None

A: Let's break down the information you provided to prepare the necessary budgets for Snare for the…

Q: You are given the following information for Vuyo and Sons Plumbers: R Services rendered for cash 150…

A: Wages and salaries125,000Water and electricity15,000Credit losses10,000Interest paid on an…

Q: not use ai please

A: Step 1:Journal Entries for January TransactionsJan. 1: Adams invested $200,000 cash and $25,000 in…

Q: Give true answer

A: Let me give the details carefully to ensure accuracy for both the cash-basis and accrual-basis…

Q: a.) Identify the purposes or applications of the Statute of Frauds.A purpose of the Statute of…

A: Approach to solving the question:Step 1: Comprehending the Context of the QuestionThe initial stage…

Q: ngagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSession…

A: Step 1:1)Transaction 1:Cash: +47,700Fees Earned: +47,700Description:This likely represents the…

Q: Campus Flights pide un préstamo bancario por un monto de $200,500 el 1 de marzo. Los términos del…

A: Step 1: Calculate the Interest Recognized at 31st December of Year 1To calculate the interest…

Q: Need help with this question

A: Reference: Hayes, A. (2024, April 28). Operating Margin: What it is and the formula for calculating…

Q: None

A: Hello student! Gross Margin is the difference between total sales and cost of goods sold.Gross…

Q: Do not use chatgpt.

A: Option A) Current LiabilitiesCorrect. Current liabilities are debts or obligations that a business…

Q: Need answer please

A: 1. Calculate Earnings Before Interest and Taxes…

Q: Solve this problem

A: Step 1:Computation of the unit product cost under absorption costing: Step 2:Computation of the…

Q: Help me

A: We allocate the proceeds between the common stock and preferred stock as follows: 1. Calculate the…

Q: Isaac Company has estimated the following costs for this year for 240,000 units: Manufacturing…

A: If you have any questions let me know in comment box thankyou for your question.

Q: Provide answer the question

A: Key InformationAdjusted basis of old machine: $9,000Fair market value of new machine: $6,000Cash…

Question

Hi expart give correct answer

Acme Inc.'s total assets at the beginning of the year
amount to $500,000,000, and its total assets at the end
of the year amount to $250,000,000. If its return on assets
for the year is 28%, what is Acme's net income for the
year?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

Need help
Solve
C Company has the following data for the year ending 12/31/2020 (dollars are in thousands): Net income = $600; EBIT = $1,184; Total assets = $3,000; Short-term investments = $200; Total capital employed = $2,193; and tax rate = 30%. The company’s WACC is 11.07%. What was its Economic Value Added (EVA) for the year 2020? Round your answer to the nearest dollar. Group of answer choices: $583 $586 $577 $572 $580
Give true answer
In 2020, Concord Corporation reported net income of $5.8 billion, net sales of $160 billion, and average total assets of $60 billion. What is Concord Corporation's return on assets? 16.9% 9.7% 20.6% 10.3%
Reynolds Corp's total assets at the end of last year were $300,000 and its net income after taxes was $25,000. What was its return on total assets?
Hello expart need help please
Rollins Corp's total assets at the end of last year were $300,000 and its EBIT was $75,000. What was its basic earning power (BEP)?
Helo Company has provided the following data: Sales, P5,000,000; Interest expense, P30,000; Total assets, beginning of the year, P185,000; Total assets, end of the year, P215,000; Return on assets, 15.5%; Tax rate, 30%. What is the net income of Helo Co.? show solutions
National Company's net income last year was P65,000 and its interest expense was P15,000. Total assets at the beginning of the year were P630,000 and total assets at the end of the year were P650,000. The company's income tax rate was 25%. The company's return on total assets (based on adjusted net income) for the year was closest to?
Frezia Corp.'s total assets at the end of last year were P315,000 and its net income after taxes was P22,750. What was Frezia’s return on total assets? * Choices: 7.58% 8.78% 7.22% 7.96% 8.36%
If for the most recent year, a firm's RNOA is 12.0%, its sales were $2,400,000, its asset turnover is 1.5, its net financial obligations (NFO) balance is $550,000, and its net financial expenses after tax are $16,500, what is its ROCE? 1.16.7% 2.29.2% 3.18.3% 4.25.1%