Homework Answers
Return on assets = Net income/Average total assets
Average total assets = (213,000+313,000)/2 = 263,000
= 24,000/263,000
= 9.13%
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Fitter reported net income of $24,000 for the past year. At the beginning of the year...
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liability accounts at the beginning and end of the year were as
follows:
December 31
End of Year
Beginning of Year
Current assets:
Cash and cash equivalents
$
30,000
$
40,000
Accounts receivable
$
125,000
$
106,000
Inventory
$
213,000
$
180,000
Prepaid expenses
$
6,000
$
7,000
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$
210,000
$
195,000
Accrued liabilities
$
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liability accounts at the beginning and end of the year were as
follows:
December 31
End of Year
Beginning of Year
Current assets:
Cash and cash equivalents
$
30,000
$
40,000
Accounts receivable
$
125,000
$
106,000
Inventory
$
213,000
$
180,000
Prepaid expenses
$
6,000
$
7,000
Current liabilities:
Accounts payable
$
210,000
$
195,000
Accrued liabilities
$
4,000...
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