Ringland Glass Corporation showed the following balances in its income statement ac- counts at the end of 2000:

Interest expense $ 1,400 Sales (net) 420,500 Selling expenses 54,200 Interest revenue 2,200 Cost of goods sold 230,200 General expenses 31,900 The corporation pays income taxes at a rate of 40%. It had average total assets during 2000 of $500,000, and stockholders owned 30,000 shares of its common stock during all of 2000.
Required: (1) Prepare a 2000 income statement for Ringland Glass Corporation.
(2) Compute the return on total assets of Ringland Glass Corporation for 2000. How does this compare with the industry average of 10.8%? TK-1