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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 $619,800 $579,300 Total investments 69,500 40,000 Total property, plant, and equipment 888,700 783,200 Total current liabilities 112,200 85,900 Total long-term liabilities 307,400 243,200 Preferred 9% stock, $100 par 90,600 90,600 Common stock, $10 par 576,600 576,600 68,000 68,000 Paid-in capital in excess of par-Common stock Retained earnings 423,200 343,200 Using the balance sheets for Kellman Company, if net income is $115,000 and interest expense is $47,900 for Year 2, what is the return on total assets for the year (rounded to two decimal places)? 10.91 b. 8.17% CA7129 Od 50
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