FastForward Reported Net Income of $17,500 for the Past Year

question 203

Essay

FastForward reported net income of $17,500 for the past year.At the beginning of the year the company had $200,000 in assets.By the end of the year,assets had increased to $300,000.Calculate the return on assets.

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Definitions:

Implied Warranty

An implied warranty is a legal term for the assurances that are not explicitly stated but that the law infers that goods are fit for their intended purpose.

Subsequent Purchasers

Individuals or entities that acquire property after the first or original owner, subject to existing rights or covenants.

Implied Warranty

A legal assumption that a product will meet certain standards of quality and reliability without being explicitly stated.

Confusing

Something that is difficult to understand or makes one perplexed.