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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 $603,117 $592,380 Total investments 62,484 42,755 Total property, plant, and equipment 890,674 682,596 Total current liabilities 112,327 89,487 Total long-term liabilities 296,726 237,592 Preferred 9% stock, $100 par 82,610 82,610 Common stock, $10 par 512,384 512,384 Paid-in capital in excess of par-common stock 66,120 66,120 Retained earnings 486,108 329,538 Using the balance sheets for Kellman Company, if net income is $105,018 and interest expense is $30,048 for Year 2, what is the return on total assets for the year (round percent to two decimal points)? ) Select the correct answer. 9.40% 06.75% O7.97% 9.82%
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