Purchase Solution

Jeffrey Company: Calculate net income for the year

Not what you're looking for?

Ask Custom Question

Last year the return on total assets in Jeffrey Company was 8.5%. The total assets were 2.9 million at the beginning of the year and 3.1 million at the end of the year. The tax rate was 30%, interest expense totaled $110 thousand, and sales were $5.2 million. Net income for the year was:

A) $145,000
B) $222,000
C) $332,000
D) $178,000

Purchase this Solution

Solution Summary

The cited solution contains all the calculations and explanations to understand the answer.

Solution Preview

The formula for ROA (return on assets) is

Net income + interest expense
------------------------------------- = ROA
Total assets

Total assets are the average of ...

Purchase this Solution


Free BrainMass Quizzes
Basic Social Media Concepts

The quiz will test your knowledge on basic social media concepts.

Organizational Leadership Quiz

This quiz prepares a person to do well when it comes to studying organizational leadership in their studies.

Marketing Research and Forecasting

The following quiz will assess your ability to identify steps in the marketing research process. Understanding this information will provide fundamental knowledge related to marketing research.

Change and Resistance within Organizations

This quiz intended to help students understand change and resistance in organizations

Balance Sheet

The Fundamental Classified Balance Sheet. What to know to make it easy.