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The correct answer is B but I don't know how to get there. Please explain step by step how you would solve to get B).
The correct answer is B but I don't know how to get there. Please explain step by step how you would solve to get B). Thank you!
On the 2011 income statement, Red Door boutique reported net income of $123,000. The company reported beginning total assets of $2,056,000 and ending total assets of $2,182,000. What is red door's return on assets for 2011?
A) 5.6%
B) 5.8%
C) $2,182,000
D) Cannot determine from the data given
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