The balance sheet of Hidden Valley Farms reports total assets of $450,000 and $550,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%.What is Hidden Valley's net income for the year?
A. $5,500,000.
B. $55,000.
C. $5,000,000.
D. $50,000.
Answer: D
You might also like to view...
On January 1, a company purchased a five-year insurance policy for $1,800 with coverage starting immediately. If the purchase was recorded in the Prepaid Insurance account, and the company records adjustments only at year-end, the adjusting entry at the end of the first year is:
A. Debit Prepaid Insurance, $1,440; credit Insurance Expense, $1,440. B. Debit Prepaid Insurance, $1,800; credit Cash, $1,800. C. Debit Insurance Expense, $360; credit Prepaid Insurance, $1,440. D. Debit Prepaid Insurance, $360; credit Insurance Expense, $360. E. Debit Insurance Expense, $360; credit Prepaid Insurance, $360.
Each part of the service mix should make a different contribution to achieving a firm's goals
Indicate whether the statement is true or false a. True b. False
A major difference between the memorandum format and the letter format is
a. the memo omits the salutation and complimentary close. b. the memo double spaces paragraphs. c. the memo omits reference initials. d. the memo must be printed on a memo form.
What does the Delaware antitakeover statute provide? How can an acquirer evade the restrictions imposed by this statute?
What will be an ideal response?