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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Given the following information for the Green Company:
Net sales (all on account) $5,200,000
Interest expense 240,000
Income tax expense 280,000
Net income 420,000
Income tax rate 40%
Total assets:
January 1, 2010 $1,800,000
December 31, 2010 2,400,000
Stockholders' equity:
January 1, 2010 1,500,000
December 31, 2010 1,600,000
Current assets, December 31, 2010 700,000
Quick assets, December 31, 2010 400,000
Current liabilities, December 31, 2010 300,000
Netaccounts receivable :
January 1, 2010 200,000
December 31, 2010 180,000
Green's return on total assets during 2010 was:
Net sales (all on account) $5,200,000
Interest expense 240,000
Income tax expense 280,000
Net income 420,000
Income tax rate 40%
Total assets:
January 1, 2010 $1,800,000
December 31, 2010 2,400,000
Stockholders' equity:
January 1, 2010 1,500,000
December 31, 2010 1,600,000
Current assets, December 31, 2010 700,000
Quick assets, December 31, 2010 400,000
Current liabilities, December 31, 2010 300,000
Net
January 1, 2010 200,000
December 31, 2010 180,000
Green's return on total assets during 2010 was:
Question 15 options:
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