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 was $188,000. Dividends totaled $75,000, interest expense totaled $70,000, and the tax rate was 30%. The return on total assets was closest to:
A) 9.5%
B) 6.8%
C) 9.9%
D) 10.8%
Correct Answer:
Verified
Correct Answer:
Verified
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