Last Year the Return on Total Assets in Justin Company

question 97

Multiple Choice

Last year the return on total assets in Justin Company was 8.5%.The total assets were $2,900,000 at the beginning of the year and $3,100,000 at the end of the year.The tax rate was 30%, interest expense totaled $110,000, and sales were $5,200,000.Net income for the year was

• A) $145,000.
• B) $222,000.
• C) $332,000.
• D) $178,000.

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