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The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Year 2 Year 1 Total
The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Year 2 Year 1 Total current assets $619,394 $579,825 Total Investments 65,714 49,332 Total property, plant, and equipment 910,858 721,546 Total current abilities 114,109 82,332 Total long-term labilities 323,452 249,173 Preferred 9% stock, $100 par 81,337 81,337 Common stock, $10 par 505,213 505,213 Pald-in capital in excess of par-common stock 64,272 64,272 Retained earnings 507,583 368,376 Using the balance sheets for Kellman Company, if net income is $106,963 and interest expense is $45,371 for Year 2, what is the return on total assets for the year (round percent to two decimal points)? Select the correct answer O 792% O 10.34% O 6.70% 9.29
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