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Katarina [22]
3 years ago
15

The balance sheet of ABC reports total assets of $400,000 and $450,000 at the beginning and end of the year, respectively. The r

eturn on assets for the year is 10%. What is ABC's net income for the year?
Business
1 answer:
zimovet [89]3 years ago
7 0

Answer:

ABC net income for the year is $42,500

Explanation:

Beginning total assets = $400,000

Ending total assets = $450,000

Average total assets = Beginning total assets + Ending total assets ÷ 2

= ($400,000 + $450,000) ÷ 2

= $425,000

Return on assets = 10%

Therefore,

Net income ÷ Average total assets = Return on assets

Net income = Return on assets × Average total assets

Net income = 0.1 × Average total assets

= $425,000 × 0.1

= $42,500

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