Question
The 2023 annual report for Sarasota Industries Inc. contained the following information: Dec. 31, 2022 Dec. 31, 2023 Total assets $554,000 $604,000 Total liabilities 65,300
The 2023 annual report for Sarasota Industries Inc. contained the following information:
Dec. 31, 2022 Dec. 31, 2023
Total assets $554,000 $604,000
Total liabilities 65,300 88,500
Net revenue 400,000 500,000
Net income 52,000 37,000
Calculate the rate of return on assets using profit margin for 2023. (Round answer to 2 decimal places, e.g. 52.75%.)
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
