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Degollado Corporation's most recent income statement appears below: Income Statement For the Year Ended December 31 Sales (all on account) $ 181,000 Cost of goods
Degollado Corporation's most recent income statement appears below:
Income Statement | |
---|---|
For the Year Ended December 31 | |
Sales (all on account) | $ 181,000 |
Cost of goods sold | 73,000 |
Gross margin | 108,000 |
Selling and administrative expenses | 44,000 |
Net operating income | 64,000 |
Interest expense | 21,000 |
Net income before taxes | 43,000 |
Income taxes (30%) | 12,900 |
Net income | $ 30,100 |
The beginning balance of total assets was $211,000 and the ending balance was $232,000.
Required:
Compute the return on total assets. (Round your "Percentage" answer to 2 decimal places.)
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