The formula used in calculating the ROA is (EBIT/Average Assets x 100). ROA calculation Australian Vintage Ltd Refer to Table 1 & 2 2018 2019 2020 Average assets: Average assets: Average assets: (425.56+440.78)/2 = 438.17 (440.78+446.01)/2 = 443.395 (446.01+494.38)/2 = 470.195 ROA: ROA: ROA: (16.18/438.17) x 100 =3.73 (16.28/443.396) x 100 =3.67 (20.00/470.195) x 100 = 4.25ROA calculation Gage Roads Brewing Co. Refer to Table 3 & 4 2018 2019 2020 Average assets: Average assets: (35,785.11+47,590.26)/2 = (47590.26+63383.99)/2 = Average assets: (63383.99+93224.18)/2 = 41687.685 55487.125 78304.085 ROA: ROA: ROA: (3244.23/41687.685) x 100 (4068.40/55487.125) x 100 (414.77/78304.085) x 100 7.78 =7.33 = 0.53