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You have reported a net income of 24000 for the past year

Question - You have reported a net income of $24,000 for the past year. At the beginning of the year the company had $213,000 in assets and $63,000 in liabilities. By the end of the year, assets had increased to $313,000 and liabilities were $88,000. Calculate its return on assets?

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Accounting Basics: You have reported a net income of 24000 for the past year

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