The income statement for Stretch-Tape Corporation reports revenue of $420,000 and net income of $50,000. Average total

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The income statement for Stretch-Tape Corporation reports revenue of $420,000 and net income of $50,000. Average total assets for the year are $800,000. Stockholders' equity at the beginning of the year was $500,000, and $20,000 was paid to stockholders as dividends during the year. There were no other stockholders' equity transactions that occurred during the year.
Required:
Calculate the return on assets, profit margin, asset turnover, and return on equity ratios.
Corporation
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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Financial Accounting

ISBN: 9780078110825

2nd Edition

Authors: J. David Spiceland, Wayne Thomas, Don Herrmann

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