1 answer

The financial statements of Allen Resources Corp. reported the following: (Click the icon to view the...

Question:

The financial statements of Allen Resources Corp. reported the following: (Click the icon to view the financial statements in

2020 2019 Net income 110,000 $ 80,000 Interest expense 20,000 30,000 $5.00 Preferred shares (1,000 shares) 80,000 80,000 Comm

The financial statements of Allen Resources Corp. reported the following: (Click the icon to view the financial statements information.) Dividends were paid to preferred shareholders in 2019 and 2020. Dividends of $49,000 were declared and paid to common shareholders in 2020. Compute the return on assets for 2020. Compute the return on assets for 2020. (Round the percentage to the nearest tenth percent, X.X%.) Return on assets
2020 2019 Net income 110,000 $ 80,000 Interest expense 20,000 30,000 $5.00 Preferred shares (1,000 shares) 80,000 80,000 Common shares 270,000 270,000 Retained earnings 140,000 210,000 Total assets 820,000 780,000

Answers

Ans. Return on assets = (Net income + Interest expenses) / Average assets
($110,000 + $20,000) / $800,000
$130,000 / $800,000
16.3%
*Average assets = (Beginning assets + Ending assets) / 2
($780,000 + $820,000) / 2
$800,000
*Assets for 2019 is used as beginning and assets for 2020 are used as
ending assets.
.

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