A Company Had Net Income of $350,000 in Year 1

question 191

Essay

A company had net income of $350,000 in Year 1 and $520,000 in Year 2.The company had average total assets of $2,500,000 in Year 1 and $3,000,000 in Year 2.Calculate the return on total assets for Year 1 and Year 2.Did the company's performance improve? Explain.

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Definitions:

Enacted

The process by which proposed laws are officially made into law following approval by a legislative body.

United States Reporter

An official publication of United States Supreme Court decisions.

Citation

A reference to a legal source, such as a case, statute, or regulation, or the act of issuing a formal notice for a violation.

Dissenting Opinions

Refers to the opinions written by one or more judges in a court who disagree with the majority's decision.