Homework Answers
Solution:
The formula for calculating the Return on Assets is
Return on assets = Net Income / Average Total Assets
As per the information given in the question we have
Net Income = $ 180,000 ;
Total Assets as on 12/31/22 = $ 2,420,000
Total Assets as on 12/31/21 = $ 1,965,000
Thus Average Total Assets = [ Total Assets as on 12/31/22 + Total Assets as on 12/31/21 ] / 2
= [ $ 2,420,000 + 1,965,000 ] / 2
= $ 2,192,500
Thus Average Total Assets = $ 2,192,500
Applying the above information in the formula for Return on Assets we have
= $ 180,000 / $ 2,192,500
= 0.082098
= 8.2098 %
= 8.2 % ( when rounded off to one decimal place )
Thus the Return on Assets is = 8.2 %
The solution is Option 1 = 8.2 %
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