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Selected financial data from the June 30 year-end statements of Safford Company are given below:...

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Accounting

Selected financial data from the June 30 year-end statements of Safford Company are given below:

Total assets $ 5,300,000
Long-term debt (12% interest rate) $ 600,000
Total stockholders equity $ 2,300,000
Interest paid on long-term debt $ 72,000
Net income $ 370,000

Total assets at the beginning of the year were $5,100,000; total stockholders equity was $2,100,000. The companys tax rate is 40%.

Required:

1. Compute the return on total assets. (Round your percentage answer to 1 decimal place (i.e., 0.1234 should be entered as 12.3).)

THE ANSWER IS NOT 7.1 OR 7.12

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