Degollado Corporation's most recent income statement appears below: Income Statement For the Year Ended December...
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Accounting
Degollado Corporation's most recent income statement appears below: Income Statement For the Year Ended December 31 Sales (all on account) $ 146,000 Cost of goods sold 67,000 Gross margin 79,000 Selling and administrative expenses 38,000 Net operating income 41,000 Interest expense 16,000 Net income before taxes 25,000 Income taxes (30%) 7,500 Net income $ 17,500 The beginning balance of total assets was $206,000 and the ending balance was $227,000. Required: Compute the return on total assets. (Round your "Percentage" answer to 2 decimal places.)
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