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Markus Company's common stock sold for $3.00 per share at the end of this year. The company paid a common stock dividend of $0.48 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income Foundational 14-4 (Algo) Return on total assets This Year $ 750,000 $ 440,000 $ 310,000 $ 162,000 % $ 9,000 $ 107,100 Ending Balance $ 31,000 $ 64,000 $ 59,200 $ 154,200 $ 490,000 $ 63,000 $ 140,000 $ 126,000 $ 350,000 $ 490,000 Beginning Balance. $ 32,200 $ 53,700 $ 64,000 4. What is the return on total assets (assuming a 30% tax rate)? (Round percentage answer to 1 decimal place. i.e., 0.123 should be considered as 12.3%) $ 149,900 $ 506,000 $ 49,500 $ 126,000 $ 126,000 $ 380,000 $ 506,000

Markus Company's common stock sold for $3.00 per share at the end of this year. The company paid a common stock dividend of $0.48 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income Foundational 14-4 (Algo) Return on total assets This Year $ 750,000 $ 440,000 $ 310,000 $ 162,000 % $ 9,000 $ 107,100 Ending Balance $ 31,000 $ 64,000 $ 59,200 $ 154,200 $ 490,000 $ 63,000 $ 140,000 $ 126,000 $ 350,000 $ 490,000 Beginning Balance. $ 32,200 $ 53,700 $ 64,000 4. What is the return on total assets (assuming a 30% tax rate)? (Round percentage answer to 1 decimal place. i.e., 0.123 should be considered as 12.3%) $ 149,900 $ 506,000 $ 49,500 $ 126,000 $ 126,000 $ 380,000 $ 506,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Markus Company's common stock sold for $3.00 per share at the end of this year. The company paid a common stock dividend of $0.48 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income Foundational 14-4 (Algo) Return on total assets This Year $ 750,000 $ 440,000 $ 310,000 $ 162,000 $ 9,000 $ 107,100 % Ending Balance $ 31,000 $ 64,000 $ 59,200 $ 154,200 $ 490,000 $ 63,000 $ 140,000 $ 126,000 $ 350,000 $ 490,000 4. What is the return on total assets (assuming a 30% tax rate)? (Round percentage answer to 1 decimal place. i.e., 0.123 should be considered as 12.3%) Beginning Balance $ 32,200 $ 53,700 $ 64,000 $ 149,900 $ 506,000 $ 49,500 $ 126,000 $ 126,000 $ 380,000 $ 506,000
Transcribed Image Text:Markus Company's common stock sold for $3.00 per share at the end of this year. The company paid a common stock dividend of $0.48 per share this year. It also provided the following data excerpts from this year's financial statements: Cash Accounts receivable Inventory Current assets Total assets Current liabilities Total liabilities Common stock, $1 par value Total stockholders' equity Total liabilities and stockholders' equity Sales (all on account) Cost of goods sold Gross margin Net operating income Interest expense Net income Foundational 14-4 (Algo) Return on total assets This Year $ 750,000 $ 440,000 $ 310,000 $ 162,000 $ 9,000 $ 107,100 % Ending Balance $ 31,000 $ 64,000 $ 59,200 $ 154,200 $ 490,000 $ 63,000 $ 140,000 $ 126,000 $ 350,000 $ 490,000 4. What is the return on total assets (assuming a 30% tax rate)? (Round percentage answer to 1 decimal place. i.e., 0.123 should be considered as 12.3%) Beginning Balance $ 32,200 $ 53,700 $ 64,000 $ 149,900 $ 506,000 $ 49,500 $ 126,000 $ 126,000 $ 380,000 $ 506,000
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