Refer to the following selected financial information from Gomez Electronics. Compute the company's return on total...
Refer to the following selected financial information from Gomez
Electronics. Compute the company's return on total assets for Year
2.
| Year 2 | Year 1 | |||||
| Net sales | $ | 478,500 | $ | 426,250 | ||
| Cost of goods sold | 276,300 | 250,120 | ||||
| Interest expense | 9,700 | 10,700 | ||||
| Net income before tax | 67,250 | 52,680 | ||||
| Net income after tax | 46,050 | 39,900 | ||||
| Total assets | 317,100 | 288,000 | ||||
| Total liabilities | 181,400 | 167,300 | ||||
| Total equity | 135,700 | 120,700 | ||||
Multiple Choice
-
9.6%.
-
15.2%.
-
2.6%.
-
22.2%.
-
14.5%.
Homework Answers
The correct answer is 15.2%
Note:
The return on total assets = Net Income After Tax / Average Total Assets*100
= Net Income After Tax for Year 2/ [ (Total assets for Year 2 +Total assets for Year 1 )/ 2]*100
= $ 46,050 / [ ( $ 317,100 + $ 288,000) /2]*100
= 15.2%
Add Answer to:
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