[The following information applies to the questions displayed below.] Wichita, Inc. reported the following amounts...
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Accounting
[The following information applies to the questions displayed below.] Wichita, Inc. reported the following amounts on its financial statements prepared as of the end of the current accounting period:
Revenues
$
200,000
Expenses
180,000
Net income
$
20,000
Current assets
$
50,000
Long-term assets
150,000
Total assets
$
200,000
Current liabilities
$
20,000
Long-term liabilities
80,000
Total liabilities
100,000
Common stock
$
40,000
Retained earnings
60,000
Total equity
100,000
Total liabilities and equity
$
200,000
What is the companys return-on-assets ratio?
Multiple Choice
5%
10%
20%
50%
Answer & Explanation
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