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Condensed financial data are presented below for the Phoenix Corporation: Accounts receivable Inventory 20X2 $ 267,500 20X1 $230,000 312,500 257,500 Total current assets Intangible
Condensed financial data are presented below for the Phoenix Corporation: Accounts receivable Inventory 20X2 $ 267,500 20X1 $230,000 312,500 257,500 Total current assets Intangible assets Total assets Current liabilities Long-term liabilities Sales Cost of goods sold 670,000 565,000 50,000 60,000 825,000 695,000 252,500- 200,000 77,500 75,000 1,640,000 982,500 Interest expense 10,000 Income tax expense 77,500 Net income 127,500 Cash flow from operations 71,000 Cash flow from investing activities (6,000) Cash flow from financing activities Tax rate (62,500) 30% The profit margin used to calculate return on assets for 20X2 is (rounded):
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