Degollado Corporation's most recent income statement appears below: Income Statement For the Year Ended December 31...
Degollado Corporation's most recent income statement appears below:
| Income Statement | |||||||||||
| For the Year Ended December 31 | |||||||||||
| Sales (all on account) | $ | 184,000 | |||||||||
| Cost of goods sold | 76,000 | ||||||||||
| Gross margin | 108,000 | ||||||||||
| Selling and administrative expenses | 48,000 | ||||||||||
| Net operating income | 60,000 | ||||||||||
| Interest expense | 23,000 | ||||||||||
| Net income before taxes | 37,000 | ||||||||||
| Income taxes (30%) | 11,100 | ||||||||||
| Net income | $ | 25,900 | |||||||||
The beginning balance of total assets was $214,000 and the ending balance was $234,000.
Required:
Compute the return on total assets. (Round your "Percentage" answer to 2 decimal places.)
Homework Answers
Return on assets = 11.56%
Working
| Numerator | / | Denominator | = | |
| Net income | / | Average total assets | = | Return on assets |
| $ 25,900.00 | / | $ 2,24,000.00 | = | 11.56% |
Average assets = (Beginning asset+Ending assets ) /2
Average assets= (214000+234000)/2
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Degollado Corporation's most recent income statement appears
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Income Statement
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