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kolbaska11 [484]
3 years ago
7

A company reports the following income statement and balance sheet information for the current year:

Business
2 answers:
Luda [366]3 years ago
6 0

Answer:

10.1%

Explanation:

Given the above information, return on total asset is computed as;

Return on total asset = Net income / Average total assets

Net income = $24,000

Average total assets = $4,200,000

Therefore,

Return on total assets = $424,000 / $4,200,000

Return on total assets = 10.1%

Georgia [21]3 years ago
4 0

Answer:

10.1%

Explanation:

Determine the return on total assets. (Round percentages to one decimal place.) <u>10.1%</u>

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allochka39001 [22]

Answer: The amount of depreciation expense recognized in 2006, using the double declining balance method is $5,280.

And the journal entries required are:

Debit Depreciation expense                     $5,280

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