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 balance sheet information for the current year:
Net income ........................................ $ 424,000
Interest expense ................................... 80,000
Average total assets ......................... 4,200,000

Determine the return on total assets. Round percentage to one decimal place.

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...

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