Question
Bank of America Corporation disclosed the following financial data for the year ending December 31, 2023: Total Assets: $3.5 trillion Total Liabilities: $3 trillion Shareholders'
Bank of America Corporation disclosed the following financial data for the year ending December 31, 2023:
- Total Assets: $3.5 trillion
- Total Liabilities: $3 trillion
- Shareholders' Equity: $500 billion
a) Calculate the debt-to-equity ratio. b) Determine the return on assets (ROA), assuming the net income for the year is $70 billion. c) Compute the return on equity (ROE), assuming the net income for the year is $70 billion.
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Using Financial Accounting Information The Alternative to Debits and Credits
Authors: Gary A. Porter, Curtis L. Norton
7th Edition
978-0-538-4527, 0-538-45274-9, 978-1133161646
