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Assume a company provided the following excerpts from its balance sheet and income statement as shown below Current assets Total assets Current liabilities Total liabilities
Assume a company provided the following excerpts from its balance sheet and income statement as shown below Current assets Total assets Current liabilities Total liabilities Total stockholders' equity Ending Balance $120,000 $480,000 $ 80,000 $174,600 $305,400 Beginning Balance $140,000 $380,000 $ 70,000 $174,000 $26 , . Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes Net income $1,000,000 600,000 400,000 250,000 150,000 8,000 142, 42,600 99,400 If the tax rate is 30%, then the return on assets would be closest to If the tax rate is 30%, then the return on assets would be closest to: Multiple Choice O 20.5%. O 19.8%. O 21.7% O O 24.4%
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