Sales (all on account).. Cost of goods sold. $610,000 340,000 Gross margin... 270,000 Selling and administrative expense. 160,000 Net operating income. 110,000 Interest expense. Income taxes (30%). Net income.. 20,000 Net income before taxes. 90,000 27,000 $ 63,000 5. Jester Corporation's most recent income statement is shown. The beginning balance of total assets was $360,000 and the ending balance was $320,000. The return on total assets is closest to A. 26.5 B. 18.5 C. 22.6 D. 32.4 percent.