Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger

Exercise 62

Average Total Assets, Return on Assets
Juroe Company provided the following income statement for last year:

Juroe's balance sheet as of December 31 last year showed total liabilities of $10,250,000, total equity of $6,150,000, and total assets of $16,400,000.
Refer to the information for Juroe Company above. Also, assume that Juroe's total assets at the beginning of last year equaled $17,350,000 and that the tax rate applicable to Juroe is 40%.
Required:
Note : Round answers to two decimal places.
1. Calculate the average total assets.
2. Calculate the return on assets.