Assignments 16 Quiz (75 minutes) Income Statement Sales (all on account) $220,000 Cost of goods sold 130,000 Gross margin 90,000 Selling and administrative expense 42,000 Net operating income 48,000 Interest expense Net income before taxes. Income taxes (30%) 00:50:50 Net income 12,000 36,000 10,800 $ 25,200 eBook The beginning balance of total assets was $160,000 and the ending balance was $157,500. The return on total assets is closest to: Print Multiple Choice References O 21.2% 22.7% 15.9% 30.2% < Prev 17 of 22 Next > Assignments 16 Quiz (75 minutes) Income Statement Sales (all on account) $220,000 Cost of goods sold 130,000 Gross margin 90,000 Selling and administrative expense 42,000 Net operating income 48,000 Interest expense Net income before taxes. Income taxes (30%) 00:50:50 Net income 12,000 36,000 10,800 $ 25,200 eBook The beginning balance of total assets was $160,000 and the ending balance was $157,500. The return on total assets is closest to: Print Multiple Choice References O 21.2% 22.7% 15.9% 30.2% < Prev 17 of 22 Next >