Response to the following problem:
Nolan manufactures, markets, and sells cellular telephones. The average total assets for Nolan is $250,000. In its most recent year, Nolan reported net income of $55,000 on revenues of $455,000.
Required
1. What is Nolan's return on assets?
2. Does return on assets seem satisfactory for Nolan given that its competitors average a 12% return on assets?
3. What are total expenses for Nolan in its most recent year?
4. What is the average total amount of liabilities plus equity for Nolan?