Homework Answers
Total assets as on Jan 01, 2018
Total assets as on Jan 01, 2018 = Cash + Office furniture + Building + Accounts receivables + Equipment + Office supplies
= $40,000 + $20,000 + $165,000 + $1,600 + $25,000 + $4,000
= $255,600
Total assets as on Dec 31, 2018
Total assets as on Dec 31, 2018 = Cash + Office furniture + Building + Accounts receivables + Equipment + Office supplies
= $170,400 + $36,000 + $165,000 + $16,800 + $54,000 + $2,200
= $444,400
Average total assets
Average total assets = [Total assets as on Jan 01, 2018 + Total assets as on Dec 31, 2018] / 2
= [$255,600 + $444,400] / 2
= $700,000 / 2
= $350,000
Return on assets (ROA)
Therefore, the Return on assets (ROA) = [Net Income / Average total assets] x 100
= [$28,000 / $350,000] x 100
= 8.00%
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e1-39
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