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Nostrana [21]
3 years ago
13

Assume Worldwide Cleaning Service had net income of $ 900 for the year. Worldwide Cleaning​ Service's beginning and ending total

assets were $ 4 comma 600 and $ 4 comma 400​, respectively. Calculate Worldwide Cleaning​ Service's return on assets for the year
Business
1 answer:
g100num [7]3 years ago
4 0

Answer:

return on assets = 20%

Explanation:

given data

net income = $900

beginning total assets = $4600

ending total assets = $4400

solution

we get here return on assets that is express as

return on assets = \frac{net\ income}{average\ assets} × 100   ............1

here average assets will be

average assets = \frac{4600+4400}{2}

average assets = $4500

put here value we get

return on assets = \frac{900}{4500} × 100

return on assets = 20%

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Answer: (d) liability - refundable deposits.

Explanation:

The refundable deposit of $1,000 was a liability because Growler owed it to the customer and were simply holding it for when the customer returned the equipment.

Upon receipt of the deposit, they credited the Refundable deposits accounts which is a liability account. Now that the customer has returned the cleaning equipment and the deposit is to be refunded to the customer, Growler should now debit the Refundable deposits account to cancel out the liability.

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<h2>The given statement is true.</h2>

Explanation:

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4 0
3 years ago
Dollar Co. sold merchandise to Pound Co. on account, $25,500, terms 2/15, net 45. Pound Co. paid the invoice within the discount
aniked [119]

Answer:

$24,990

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In the given scenario, since the Pound Co. has paid the invoice within the discount period, so therefore, the Pound Co. has availed the discount of 2% and accordingly the sales amount shall be recorded as follows:

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Answer:

Step 1 of 4

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