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In: Finance

Category Prior year Current year Accounts payable 41,400 45,000 Accounts receivable 115,200 122,400 Accruals 16,200 13,500...

Category

Prior year

Current year

Accounts payable

41,400

45,000

Accounts receivable

115,200

122,400

Accruals

16,200

13,500

Additional paid in capital

200,000

216,660

Cash

???

???

Common Stock @ par value

37,600

42,000

COGS

131,400

174,020.00

Depreciation expense

21,600

22,237.00

Interest expense

16,200

16,207.00

Inventories

111,600

115,200

Long-term debt

135,000

138,111.00

Net fixed assets

377,019.00

399,600

Notes payable

59,400

64,800

Operating expenses (excl. depr.)

50,400

66,669.00

Retained earnings

122,400

136,800

Sales

255,600

335,862.00

Taxes

9,900

19,078.00

What is the current year's return on assets (ROA)?

Submit

Answer format: Percentage Round to: 2 decimal places (Example: 9.24%, % sign required. Will accept decimal format rounded to 4 decimal places (ex: 0.0924))

Solutions

Expert Solution

Balance Sheet for Current Year Balance Sheet for Prior Year
Cash        19,611 Accounts Payable      45,000 Cash          8,181 Accounts Payable      41,400
Account receivable     1,22,400 Accruals      13,500 Account receivable     1,15,200 Accruals      16,200
Inventories     1,15,200 Notes Payable      64,800 Inventories     1,11,600 Notes Payable      59,400
Net Fixed Asset     3,99,600 Long Term Debt 1,38,111 Net Fixed Asset     3,77,019 Long Term Debt 1,35,000
Common Stock Par Value      42,000 Common Stock Par Value      37,600
Additional Paid in Capital 2,16,600 Additional Paid in Capital 2,00,000
Retained Earnings 1,36,800 Retained Earnings 1,22,400
Total Asset    6,56,811 Total Liabilities and Equity 6,56,811 Total Asset    6,12,000 Total Liabilities and Equity 6,12,000
Cash = total liability and equity - total asset
Total Asset in current Year = $ 656,811
Total Asset in prior Year = $ 612,000
Average total asset = ($ 656,811+ $ 612,000) /2
Average total asset = $ 634,405.50
Net Income = Sales - COGS - Operating expense - depreciation - interest - tax
Net Income = $ 255,600 - 131,400 - 50,400 - 21,600 - 16,200 - 9,900
Net Income = $ 26,100
Return on Asset = Net Income / Average Total Asset
Return on Asset = $ 26,100 / $ 634,405.51
Return on Asset = 4.11%

jeff jeffy answered 1 year ago
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