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DenverMade DenverMade
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9 months ago

Kienle Corporation’s Year 2 income statement appears below:

Income Statement
Sales$ 1,280,000
Cost of goods sold800,000
Gross margin480,000
Operating expenses419,857
Net operating income60,143
Interest expense12,000
Net income before taxes48,143
Income taxes (30%)14,443
Net income$ 33,700

The company’s total assets at the end of Year 2 amounted to $1,359,000 and at the end of Year 1 to $1,320,000. The company’s return on total assets for Year 2 is closest to:



▸ 2.48%

▸ 3.14%

▸ 2.52%

▸ 3.10%
Textbook 
Introduction to Managerial Accounting: Brewer Edition: 9e

Introduction to Managerial Accounting: Brewer Edition: 9e


Edition: 9th
Authors:
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Chintan13Chintan13
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9 months ago
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DenverMade Author
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9 months ago
Smart ... Thanks!
klyn
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Yesterday
This helped my grade so much Perfect
choih94
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This site is awesome
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