Assume metambit corporation had a net income of $ 2,300 for the year ending december 2016. its beginning and ending total assets were $ 34,500 and $ 18,500, respectively. calculate metambit's return on assets (roa). (round your percentage answer to two decimal places.)

The return on asset is 8.67%

Explanation:

The formula to compute the return on assets is shown below:

Return on assets = Net income ÷ average total assets

where,

Net income is $2,300

And, the average total assets is computed by

= (Opening balance of total assets + ending balance of total assets) ÷ 2

= ($34,500 + $18,500) ÷ 2

= $53,000 ÷ 2

= $26,500

Now put the values to the above formula

So, the ratio would equal to

= $2,300 ÷ $26,500

= 8.67%

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