Homework Answers
1.
Total assets = Liabilities + Equity
= $375,319
2.
Average total assets = (Beginning assets + Ending assets)/2
= (321,686 + 375,319)/2
= 697,005/2
= $348,502.5
Return on assets = Net income/Average total assets
= 48,351/348,502.5
= 13.87%
3.
Total expense = Revenue - Net income
= 229,234 - 48,351
= $180,883
4.
Apple's current year return on assets is better than competitor average of 10% return.
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