Homework Answers
Answer:
Average Assets = (Beginning Assets + Ending Assets)/2
Average Assets = ($208,000 + $308,000)/ 2
Average Assets = $258,000
Return on Assets = Net Income/ Average Assets * 100
Return on Assets = $21,500/ $258,000 * 100
Return on Assets = 8.3%
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MC Qu. 183 Flitter reported net income of.. Flitter reported net income of $21,500 for the...
Fitter reported net income of $24,000 for the past year. At the beginning of the year...
Fitter reported net income of $24,000 for the past year. At the beginning of the year the company had $213,000 in assets and $63,000 in liabilities. By the end of the year, assets had increased to $313,000 and liabilities were $88,000. Calculate its return on assets: Fitter reported net income of $24,000 for the past year. At the beginning of the year the company had $213,000 in assets and $63,000 in liabilities. By the end of the year, assets had...
MC Qu. 182 A company reported total equity of... A company reported total equity of $177,000...
MC Qu. 182 A company reported total equity of... A company reported total equity of $177,000 at the beginning of the year. The company reported $242,000 in revenues and $181,000 in expenses for the year. There were no stockholder investments or dividends during the year. Liabilities at the end of the year totaled $108,000. What are the total assets of the company at the end of the year? Multiple Choice $61,000 $108,000 $130,000 o $242,000
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income...
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
MC Qu. 5-73 (Static) The unadjusted net income on the income... The unadjusted net income on...
MC Qu. 5-73 (Static) The unadjusted net income on the income... The unadjusted net income on the income statement was $23,760. After journalizing and posting the adjusting entries for the $1,620 of supplies used and $3,700 of depreciation on the company's equipment for the year, the adjusted net income is: Multiple Choice $18,440. $20,060. O $22,140
Saved TB MC Qu. 01-135 The assets of a company... The assets of a company total...
Saved TB MC Qu. 01-135 The assets of a company... The assets of a company total $716,000; the liabilities, $208,000. What is the amount of equity? Multiple Choice $924.000. $716,000 $508,000 < Prey 8 of 19 Next >
TB MC Qu. 22-137 Kragle Corporation reported the following... Kragle Corporation reported the following financial data...
TB MC Qu. 22-137 Kragle Corporation reported the following... Kragle Corporation reported the following financial data for one of its divisions for the year; average invested assets of $610,000; sales of $1,070,000; and income of $134,820. The investment center profit margin is: Multiple Choice 22.1% 57.0% 175.4% 452.5% 12.6%
TB MC Qu. 17-58 Lynch Company had a net deferred tax asset of... Lynch Company had a net deferred tax asset of $68,136...
TB MC Qu. 17-58 Lynch Company had a net deferred tax asset of... Lynch Company had a net deferred tax asset of $68,136 at the beginning of the year, representing a net taxable temporary difference of $200,400 (taxed at 34 percent). During the year, Lynch reported pretax book income of $801,600. Included in the computation were favorable temporary differences of $20,400 and unfavorable temporary differences of $50,200. At the beginning of the year, Congress reduced the corporate tax rate to...
MC Qu. 178 Zapper has beginning equity of... Zapper has beginning equity of $267,000, net income...
MC Qu. 178 Zapper has beginning equity of... Zapper has beginning equity of $267,000, net income of $56,000, dividends of $45,000 and stockho lder investments of $11,000. Its ending equity is: Multiple Choice $233,000 $245,000 $278,000 $289,000.
MC Qu. 140 The assets of a company total... The assets of a company total $714,000;...
MC Qu. 140 The assets of a company total... The assets of a company total $714,000; the liabilities, $207,000. What are the net assets? Multiple Choice o $921,000. o $714,000. o . $507,000. S207,000. О.
MC Qu. 2-173 The classified balance sheet for a... The classified balance sheet for a company reported current assets o...
MC Qu. 2-173 The classified balance sheet for a... The classified balance sheet for a company reported current assets of $1,818,796, total liabilities of $802,540, Common Stock of $1,030,000, and Retained Earnings of $133,260. The current ratio was 2.8. Which of the following statements is not correct? Multiple Choice C) Noncurrent liabilities are $133,260. Total Stockholders' equity is $1,163,260. Total Assets are $1,965,800. o The amount or The amount of current assets is 2.8 times the amount of current liabilities.
Fitter reported net income of $24,000 for the past year. At the beginning of the year the company had $213,000 in assets and $63,000 in liabilities. By the end of the year, assets had increased to $313,000 and liabilities were $88,000. Calculate its return on assets: Fitter reported net income of $24,000 for the past year. At the beginning of the year the company had $213,000 in assets and $63,000 in liabilities. By the end of the year, assets had...
MC Qu. 182 A company reported total equity of... A company reported total equity of $177,000 at the beginning of the year. The company reported $242,000 in revenues and $181,000 in expenses for the year. There were no stockholder investments or dividends during the year. Liabilities at the end of the year totaled $108,000. What are the total assets of the company at the end of the year? Multiple Choice $61,000 $108,000 $130,000 o $242,000
MC Qu. 157 Chou Co. has a net income of... Chou Co. has a net income of $55,000, assets at the beginning of the year are $262,000 and assets at the end of the year are $312,000. Compute its return on assets. Multiple Choice Ο Ο Ο Ο MC Qu. 310 Use the information in the adjusted... Use the information in the adjusted trial balance presented below to calculate the current ratio for Taron Company: Account Title Cash R Accounts...
MC Qu. 5-73 (Static) The unadjusted net income on the income... The unadjusted net income on the income statement was $23,760. After journalizing and posting the adjusting entries for the $1,620 of supplies used and $3,700 of depreciation on the company's equipment for the year, the adjusted net income is: Multiple Choice $18,440. $20,060. O $22,140
Saved TB MC Qu. 01-135 The assets of a company... The assets of a company total $716,000; the liabilities, $208,000. What is the amount of equity? Multiple Choice $924.000. $716,000 $508,000 < Prey 8 of 19 Next >
TB MC Qu. 22-137 Kragle Corporation reported the following... Kragle Corporation reported the following financial data for one of its divisions for the year; average invested assets of $610,000; sales of $1,070,000; and income of $134,820. The investment center profit margin is: Multiple Choice 22.1% 57.0% 175.4% 452.5% 12.6%
TB MC Qu. 17-58 Lynch Company had a net deferred tax asset of... Lynch Company had a net deferred tax asset of $68,136 at the beginning of the year, representing a net taxable temporary difference of $200,400 (taxed at 34 percent). During the year, Lynch reported pretax book income of $801,600. Included in the computation were favorable temporary differences of $20,400 and unfavorable temporary differences of $50,200. At the beginning of the year, Congress reduced the corporate tax rate to...
MC Qu. 178 Zapper has beginning equity of... Zapper has beginning equity of $267,000, net income of $56,000, dividends of $45,000 and stockho lder investments of $11,000. Its ending equity is: Multiple Choice $233,000 $245,000 $278,000 $289,000.
MC Qu. 140 The assets of a company total... The assets of a company total $714,000; the liabilities, $207,000. What are the net assets? Multiple Choice o $921,000. o $714,000. o . $507,000. S207,000. О.
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