Use This Balance Sheet and Income Statement to Answer the Following

question 117

Multiple Choice

Use this balance sheet and income statement to answer the following question.Use ending balances whenever average balances are required for computing ratios. The return on assets for National Textile is

• A)30 percent.
• B)150 percent.
• C)33-1/3 percent.
• D)24 percent.

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Definitions:

Equilibrium

A state in which market supply and demand balance each other, leading to price stability for a particular good or service.

Efficiency

The optimum allocation of resources to achieve the best possible output or outcome with minimal waste or inefficiency.

Equality

A state or condition of being equal, especially in status, rights, and opportunities.

Total Surplus

The sum of consumer and producer surplus, representing the total benefit to society from a market transaction.