The Total Assets of the Philbin Company on January 1

question 107

Multiple Choice

The total assets of the Philbin Company on January 1 were $2.3 million and on December 31 were $2.5 million.Net income for the year was $188,000.Dividends for the year were $75,000,interest expense was $70,000,and the tax rate was 30%.The return on total assets for the year was closest to which of the following?

• A) 6.8%.
• B) 9.5%.
• C) 9.9%.
• D) 10.8%.

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Definitions:

Cultural Context

The societal, economic, historical, and personal circumstances surrounding and affecting the interpretation of communications and actions.

Blackfeet

A Native American tribe originally located in the Northwestern Plains of the United States, known for their rich cultural heritage and history.

Non-Western

Pertaining to cultures, practices, or perspectives that originate outside of Western societies, typically referring to Eastern, African, or indigenous cultures.

Time Conscious

Being aware of the importance of time and being able to manage it effectively.