Net assets (assets minus liabilities) at the beginning of the year were $90,000, and at the end of the year, they were $110,000. The common stock increased by $25,000 (due to new issuance) during the year. Dividends declared for the year were $35,000. What must have been the net income for the year?

What must have been the net income for the year?

Assuming that total assets were $8,037,000 at the beginning of the current fiscal year, determine the following: When required, round to one decimal place. a. Ratio of fixed assets to long-term liabilities b. Ratio of liabilities to stockholders' equity c. Asset turnover d. Return on total assets e. Return on stockholders' equity f. Return on common stockholders' equity % % %

Subject:  Financial Accounting-The Banner Income Fund's average daily total assets were $100 million for the year just completed. Its stock purchases for the year were $20 million, while its sales were $12.5 million. What was its turnover?