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  3. flitter reported net income of $19,500 for the pas

Flitter reported net income of $19,500 for the past year. At the beginning of the...

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Accounting

Flitter reported net income of $19,500 for the past year. At the beginning of the year the company had $204,000 in assets and $54,000 in liabilities. By the end of the year, assets had increased to $304,000 and liabilities were $79,000. Calculate its return on assets:

Multiple Choice

  • 35.2%.

  • 7.7%.

  • 9.6%.

  • 6.4%.

  • 24.2%.

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