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The following accounts and balances are taken from year end financial statements. 2007 2006 SALES $507,924,000 $392,190,000 COST OF SALES 330,466,000 249,667,000 GROSS MARGIN 177,458,000 142,523,000 OPERATING EXPENSES 91,444,000 75,646,000 NET OPERATING INCOME 86,014,000 66,877,000 INTERESTING EXPENSE 3,293,000 3,523,000 NET INCOME BEFORE TAXES 82,721,000 63,354,000 INCOME TAXES 27,530,000 20,900,000 NET INCOME 55,191,000 42,454,000 TOTAL ASSETS $631,302,000 $534,815,000 TOTAL CURRENT ASSETS $217,808,000 $180,021,000 Use the information to calculate return on assets for 2007.

The following accounts and balances are taken from year end financial statements. 2007 2006 SALES $507,924,000 $392,190,000 COST OF SALES 330,466,000 249,667,000 GROSS MARGIN 177,458,000 142,523,000 OPERATING EXPENSES 91,444,000 75,646,000 NET OPERATING INCOME 86,014,000 66,877,000 INTERESTING EXPENSE 3,293,000 3,523,000 NET INCOME BEFORE TAXES 82,721,000 63,354,000 INCOME TAXES 27,530,000 20,900,000 NET INCOME 55,191,000 42,454,000 TOTAL ASSETS $631,302,000 $534,815,000 TOTAL CURRENT ASSETS $217,808,000 $180,021,000 Use the information to calculate return on assets for 2007.

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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The following accounts and balances are taken from year end financial statements. 2007 2006 SALES $507,924,000 $392,190,000 COST OF SALES 330,466,000 249,667,000 GROSS MARGIN 177,458,000 142,523,000 OPERATING EXPENSES 91,444,000 75,646,000 NET OPERATING INCOME 86,014,000 66,877,000 INTERESTING EXPENSE 3,293,000 3,523,000 NET INCOME BEFORE TAXES 82,721,000 63,354,000 INCOME TAXES 27,530,000 20,900,000 NET INCOME 55,191,000 42,454,000 TOTAL ASSETS $631,302,000 $534,815,000 TOTAL CURRENT ASSETS $217,808,000 $180,021,000 Use the information to calculate return on assets for 2007.
Transcribed Image Text:The following accounts and balances are taken from year end financial statements. 2007 2006 SALES $507,924,000 $392,190,000 COST OF SALES 330,466,000 249,667,000 GROSS MARGIN 177,458,000 142,523,000 OPERATING EXPENSES 91,444,000 75,646,000 NET OPERATING INCOME 86,014,000 66,877,000 INTERESTING EXPENSE 3,293,000 3,523,000 NET INCOME BEFORE TAXES 82,721,000 63,354,000 INCOME TAXES 27,530,000 20,900,000 NET INCOME 55,191,000 42,454,000 TOTAL ASSETS $631,302,000 $534,815,000 TOTAL CURRENT ASSETS $217,808,000 $180,021,000 Use the information to calculate return on assets for 2007.
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