Horngren's Financial & Managerial Accounting, The Financial Chapters Plus MyAccountingLab with Pearson eText -- Access Card Package (5th Edition)
5th Edition
ISBN: 9780134077321
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem 1.39E
Calculating return on assets (ROA)
Alec Appliance Service had net income for the year of $18,200. In addition, the balance sheet reports the following balances:
Jan. 1, 2016 | Dec. 31, 2016 | |
Notes Payable | $ 34,000 | $ 54,000 |
Cash | 39,000 | 20,200 |
Office Furniture | 20,000 | 38,000 |
Building | 155,000 | 155,000 |
Accounts Payable | 9,500 | 10,000 |
Total Stockholders’ Equity | 98,300 | 214,200 |
1,600 | 18,400 | |
Equipment | 22,000 | 46,000 |
Office Supplies | 4,200 | 600 |
Calculate the return on assets (ROA) for Alec Appliance Service for the year ending December 31, 2016.
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Chapter 1 Solutions
Horngren's Financial & Managerial Accounting, The Financial Chapters Plus MyAccountingLab with Pearson eText -- Access Card Package (5th Edition)
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