Kienle Corporations Year 2 income statement appears below: Income...
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Accounting
Kienle Corporations 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 companys 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 companys return on total assets for Year 2 is closest to:
Multiple Choice
2.48%
3.14%
2.52%
3.10%
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