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Cornerstones of Managerial Accounting 4th Edition by Maryanne Mowen, Don Hansen, Dan Heitger
Edition 4ISBN: 978-0324380767Cornerstones of Managerial Accounting 4th Edition by Maryanne Mowen, Don Hansen, Dan Heitger
Edition 4ISBN: 978-0324380767 Exercise 8
The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows: 
Calculating the Average Total Assets and the Return on Assets
Refer to the information for Somerville Company on the previous page. Assume a tax rate of 40%.
Required:
Note: Round answers to two decimal places.
1. Calculate the average total assets.
2. Calculate the return on assets.
Calculating the Average Total Assets and the Return on Assets
Refer to the information for Somerville Company on the previous page. Assume a tax rate of 40%.
Required:
Note: Round answers to two decimal places.
1. Calculate the average total assets.
2. Calculate the return on assets.
Explanation
Verified
Verified
A) Average Total Assets = 
= ...
Cornerstones of Managerial Accounting 4th Edition by Maryanne Mowen, Don Hansen, Dan Heitger
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