Multiple Choice
Holt Company Ltd determined residual income for the year of $22 000. The company's cost of capital was 12 per cent, the investment turnover was 2.0, and capital invested was $400 000. What was Holt Company's profit during the year?
A) $26 000
B) $48 000
C) $74 000
D) $70 000
Correct Answer:
Verified
Correct Answer:
Verified
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