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CALCULATOR MESSAGE MY INSTRUCTOR x The formula for the return on assets is net income divided by average total assets. This is a measure of profitability, FULL SCREEN The following amounts were taken from the financial statements of Nicklaus Company: Total assets Current liabilities Long-term liabilities Interest expense Income tax expense 2017 2016 1,585,000 1,715,000 $280,000 $220,000 800,000 600,000 100,000 50,000 120,000 58,000 300,000 170,000 480,000 270,000 Net income Net cash provided by operating activities How much is return on assets for 2017? 16% 18% 36% 32% Click if you would like to Show Work for this question: Open Show Work Policy. I 2000-2020 John Wiley & Sons, Inc. All Rights Reserved. A Division of Zohn Wiley & Sons, Inc