Homework Help is Here – Start Your Trial Now!
Business
Accounting
Jester Corporation's most recent income statement appears below: Sales (all on account) $610000 Cost of goods sold 340000 Gross margin 270000 Selling and administrative expense 160000 Net operating income 110000 Interest expense 20000 Net income before taxes 90000 Income taxes (30%) 27000 Net income $63000 The beginning balance of total assets was $360,000 and the ending balance was $320,000. What percentage is the return on total assets closest to? A. 22.6% B. 26.5% C. 32.4% D. 18.5%

Jester Corporation's most recent income statement appears below: Sales (all on account) $610000 Cost of goods sold 340000 Gross margin 270000 Selling and administrative expense 160000 Net operating income 110000 Interest expense 20000 Net income before taxes 90000 Income taxes (30%) 27000 Net income $63000 The beginning balance of total assets was $360,000 and the ending balance was $320,000. What percentage is the return on total assets closest to? A. 22.6% B. 26.5% C. 32.4% D. 18.5%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

Need Answer please provide Solutions with Correct option

Jester Corporation's most recent income statement appears below: Sales (all on account) $610000 Cost of goods sold 340000 Gross margin 270000 Selling and administrative expense 160000 Net operating income 110000 Interest expense 20000 Net income before taxes 90000 Income taxes (30%) 27000 Net income $63000 The beginning balance of total assets was $360,000 and the ending balance was $320,000. What percentage is the return on total assets closest to? A. 22.6% B. 26.5% C. 32.4% D. 18.5%
Transcribed Image Text:Jester Corporation's most recent income statement appears below: Sales (all on account) $610000 Cost of goods sold 340000 Gross margin 270000 Selling and administrative expense 160000 Net operating income 110000 Interest expense 20000 Net income before taxes 90000 Income taxes (30%) 27000 Net income $63000 The beginning balance of total assets was $360,000 and the ending balance was $320,000. What percentage is the return on total assets closest to? A. 22.6% B. 26.5% C. 32.4% D. 18.5%
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS