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Kienle Corporations Year 2 income statement appears below:Income StatementSales$ 1,280,000Cost of ...

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Kienle Corporations Year 2 income statement appears below:Income StatementSales$ 1,280,000Cost of ...

Kienle Corporation’s Year 2 income statement appears below:

Income Statement
Sales	$ 1,280,000
Cost of goods sold	800,000
Gross margin	480,000
Operating expenses	419,857
Net operating income	60,143
Interest expense	12,000
Net income before taxes	48,143
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

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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