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Consider the following information for South Coast Division of the Lacy's Department Stores for 2021 and 2020. 2021 2020 Total assets $24,000,000 $21,600,000 Noninterest-bearing
Consider the following information for South Coast Division of the Lacy's Department Stores for 2021 and 2020. 2021 2020 Total assets $24,000,000 $21,600,000 Noninterest-bearing current liabilities 1,600,000 2,100,000 Interest-bearing current liabilities 800,000 500,000 Sales Interest expense Net income Tax rate 44,800,000 42,900,000 1,100,000 1,400,000 3,596,000 3,707,400 40 % 40 % Compute return on investment for both years. (Round answers to 1 decimal place, e.g. 5.2%) 2021 2020 Return on investment 19.0 % 23.3 %
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