Question
Degollado Corporation's most recent income statement appears below: Income Statement For the Year Ended December 31 Sales (all on account) $ 219,000 Cost of goods
Degollado Corporation's most recent income statement appears below: Income Statement For the Year Ended December 31 Sales (all on account) $ 219,000 Cost of goods sold 86,000 Gross margin 133,000 Selling and administrative expenses 60,000 Net operating income 73,000 Interest expense 35,000 Net income before taxes 38,000 Income taxes (30%) 11,400 Net income $ 26,600 The beginning balance of total assets was $224,000 and the ending balance was $243,000. Required: Compute the return on total assets. (Round your "Percentage" answer to 2 decimal places.)
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