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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