Question
Lanka's 2024 financial statements reported the following itemswith 2023 figures given for comparison: Net income for 2024 was $2,580, and interest expense was $280. Compute
Lanka's 2024 financial statements reported the following itemswith 2023 figures given for comparison:
Net income for 2024 was $2,580, and interest expense was $280. Compute Lanka's rate of return on total assets for 2024. (Round to the nearest percent.)
| Lanka, Inc. | ||
| Balance Sheet | ||
| As of December 31, 2024 and 2023 | ||
|
| 2024 | 2023 |
|---|---|---|
| Total Assets | $28,250 | $36,320 |
|
|
|
|
| Total Liabilities | 13,600 | 15,920 |
| Total Stockholders' Equity (all common) | 14,650 | 20,400 |
| Total Liabilities and Stockholders' Equity | $28,250 | $36,320 |
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Global Strategy
Authors: Mike W. Peng
5th Edition
9780357512364
