Mei-kwei Internationals common stock sold for $6.05 per share at the end of this year. The company paid preferred stock dividends totalling $4,400 and a common stock dividend of $1.32 per share this year. It also provided the following data excerpts from this years financial statements: Ending Balance Beginning Balance Cash $ 54,500 $ 47,200 Accounts receivable $ 100,000 $ 71,200 Inventory $ 79,000 $ 100,000 Current assets $ 233,500 $ 218,400 Total assets $ 857,000 $ 938,800 Current liabilities $ 91,500 $ 100,500 Total liabilities $ 232,000 $ 208,800 Preferred stock $ 53,000 $ 53,000 Common stock, $1 par value $ 118,000 $ 118,000 Total stockholders equity $ 625,000 $ 730,000 Total liabilities and stockholders equity $ 857,000 $ 938,800 This Year Sales (all on account) $ 1,195,000 Cost of goods sold $ 693,100 Gross margin $ 501,900 Net operating income $ 338,250 Interest expense $ 16,500 Net income $ 103,000 Required: What is the return on total assets (assuming a 30% tax rate)