32. Given the following information for the Smith Company:

Net Sales (all on credit) $4,800,000

Interest Expense 280,000

Income Tax Expense 180,000

Net Income 450,000

Income Tax Rate 30%

Total Assets:

January 1, 2007 1,800,000

December 31, 2007 2,000,000

Stockholders' Equity:

January 1, 2007 1,400,000

December 31, 2007 1,500,000

Current Assets, December 31, 2007 680,000

Quick Assets, December 31, 2007 400,000

Current Liabilities, December 31, 2007 410,000

Net Accounts Receivable:

January 1, 2007 260,000

December 31, 2007 200,000

Smith's return on total assets during 2003 was

a. 42.0%

b. 34.0%

c. 30.9%

d. 22.1%