A company reports the following income statement and balance sheet information for the current year: Net income

Question:

A company reports the following income statement and information for the current year:
Net income .......$ 820,000
Interest expense ..... 80,000
Average total assets .....5,000,000
Determine the rate earned on total assets.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...