Exam 2 Review

Avalanche Automotive withholds federal and state income taxes, FICA taxes, and federal and state unemployment taxes. Avalanche also contributes to health insurance premiums. Which of these, if any, would be considered fringe benefits?

Mammoth Manufacturing reports sales of $500,000 and net income of $30,000. Mammoth also reports beginning total assets of $400,000 and ending total assets of $450,000. What is Mammoth’s return on assets, or ROA?

Sabre Swords sells a building for $500,000. The original cost of the building was $750,000 and accumulated depreciation of $200,000. What would be the gain/loss on this sale?

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