XYZ Corporation Reported Net Income of $75,700 Last Year

question 99

Essay

XYZ Corporation reported net income of $75,700 last year.The company incurred interest expense of $5,000.Assets on January 1^st were $640,000 and on December 31^st,had increased by $40,000.The income tax rate was 30%.What is XYZ's return on total assets?

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Definitions:

Tropical Cyclones

Powerful storm systems characterized by a low-pressure center, strong winds, and heavy rain, forming over warm tropical oceans.

Hurricane

A tropical cyclone with wind speeds of 74 miles per hour or greater that occurs especially in the western Atlantic, affecting coastal areas with heavy rain and destructive winds.

Typhoon

A tropical cyclone occurring in the western part of the North Pacific Ocean, characterized by strong winds, heavy rain, and storm surges.

Temperate Rain Forests

Ecosystems located in temperate regions characterized by high rainfall, dense forests, and a diverse range of plant and animal species.