The following is selected data for Vandalay Industries:
What was the return on assets for 2019? (Round your final answer two decimal places, X.XX%.)
A) 20.00%
B) 19.14%
C) 24.38%
D) 20.94%
A) 20.00%
B) 19.14%
Explanation: Divide net income in 2019 by average total assets (add current assets and PPE for both years, divide total by 2 for average total assets). Ex: $178,000 / [($200,000 + $730,000 + $180,000 + $670,000) / 2] = 20.00%
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