Multiple Choice:

a. 20.5%

b. 19.8%

c. 21.7%

d. 24.4%

Assume a company provided the following excerpts from its balance sheet and income statement as shown below: 11 Current assets Total assets Current liabilities Total liabilities Total stockholders' equity Ending Balance $120,000 $480,000 $ 80,000 $174,600 $305,400 Beginning Balance $140,000 $380,000 $ 70,000 $174,000 $206,000 Sales Cost of goods sold Gross margin Selling and administrative expenses Net operating income Interest expense Net income before taxes Income taxes $1,000,000 600,000 400,000 250,000 150,000 8,000 142,000 42,600 $ 99,400 Net income If the tax rate is 30%, then the return on assets would be closest to