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%

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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