Question
The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Line Item Description Year 2
The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Line Item Description Year 2 Year 1 Total current assets $628,231 $559,373 Total investments 61,572 51,578 Total property, plant, and equipment 878,192 711,039 Total current liabilities 108,338 88,632 Total long-term liabilities 321,691 229,055 Preferred 9% stock, $100 par 98,659 98,659 Common stock, $10 par 510,438 510,438 Paid-in capital in excess of par-common stock 67,707 67,707 Retained earnings 461,162 327,499 Using the balance sheets for Kellman Company, if net income is $111,849 and interest expense is $34,840 for Year 2, what is the return on total assets for the year (round percent to two decimal points)? a.10.15% b.8.46% c.10.44% d.7.13%
The balance sheets at the end of each of the first two years of operations indicate the following: usng the Dalance sneets ror Kelman Lompany, it net Income is $111,84y and interest expense is $34,840 for Year 2 , what is the return on total assets for the year (round percent to two decimal points)? a. 10.15% b. 8.46% C. 10.44% d. 7.13%Step by Step Solution
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