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[The following information applies to the questions displayed below.] The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized

[The following information applies to the questions displayed below.]

The comparative financial statements prepared at December 31, 2015, for Prince Company showed the following summarized data:

image text in transcribed My only questions is how to find the return on assets. Please show steps. I know that return on assets is net income/ total assets, however the asnwers that I am getting are not correct. I have tried (12100/109100) and (12100/((109100+93000)/2)) but these are not the correct answers. Any help would be greatly appreciated. Thank you.

2015 2014 Income statement: Sales revenue Cost of goods sold $190,100* $167,600 100,400 112,600 Gross profit Operating expenses and interest expense 77,500 57,400 67,200 54,400 Pretax income Income tax 20,100 8,000 12,800 4,000 Net income $12,100 $ 8,800 Balance sheet Cash Accounts receivable (net) Inventory Operational assets (net) $ 5,600 6,000 41,900 45,600 $ 6,800 17,200 33,000 36,000 $109100 $ 93,000 Current liabilities (no interest) Long-term liabilities (8% interest) Common stock (par $5) Retained earnings $15,500 44,300 29,500 19,800 $ 16,500 44,300 29,500 2,700 $109100 $ 93,000 One-third was credit sales

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