On the 20XX income statement, Red Door Boutique reported net income of $900,000. The company reported...
On the 20XX income statement, Red Door Boutique reported net income of $900,000. The company reported beginning total assets of $8,000,000 and ending total assets of $10,000,000. What is Red Door's return on assets for 20XX?
A) 9%
B) 10%
C) 11.25%
D)25%
Homework Answers
Net income = $900,000
Begining total assets = $8,000,000
Ending total assets = $10,000,000
Average total assets = (Begining total assets + Ending total assets)/2
= (8,000,000 + 10,000,000)/2
= $9,000,000
Return on assets = Net income/Average total assets
= 900,000/9,000,000
= 10%
Correct option is (B)
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