Clairmont Industries Reported Net Income of $283,000 and Average Total

question 152

Multiple Choice

Clairmont Industries reported Net income of $283,000 and average Total assets of $637,000.The Return on total assets is:

• A)55.6%.
• B)88.8%.
• C)61.5%.
• D)44.4%.
• E)125.1%.

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Definitions:

Cash Collected

The total amount of cash received by a business during a specific period, including revenues and other income streams.

Credit Sales

transactions where goods or services are sold to a customer with payment to be received at a later date.

Cash Receipts

The total amount of cash collected by a business during a defined period, including revenues from sales, loans, investments, and other sources.

Sales Forecast

An estimate of the amount of sales a business expects to achieve in a certain period, based on historical data, market analysis, or other methods.