Based on the partial balance sheet of Marco Investments, Inc, compute the rate of return on total assets
Total Assets, December 31, 2017 $191,000
Total Assets, December 31, 2016 $149,000
For Year Ended December 31, 2017:
Interest Expense $15,000
Net Income $18,000
A) 9.42%
B) 19.41%
C) 9.71%
D) 1.76%
B .Interest Expense $15,000
Net Income $18,000
Average assets $170,000
Rate of return on total assets 19.41%
($15,000 + $18,000 ) / $170,000
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The accounts of Delphinia Dreams, Inc showed the following balances at the beginning of October
Account Debit Raw Materials Inventory $31,000 Work-in-Process Inventory 44,000 Finished Goods Inventory 54,000 Manufacturing Overhead 20,000 During the month, direct materials amounting to $21,000 and indirect materials amounting to $6,000 were issued to production. What is the ending balance in the Work-in-Process Inventory account following these two transactions? A) $44,000 B) $65,000 C) $10,000 D) $26,000
One of the primary roles of an audit plan (program) is to
A. Document the engagement's objectives, scope, timing, and resource allocations. B. Document an auditor's understanding of internal control. C. Provide for a standardized approach to the audit engagement. D. Assess the audit risk accepted by the auditor.