Juniper Design Limited of Manchester, England, is a company specializing in providing design services to residential developers.
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Question:
Juniper Design Limited of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of $410,000 on sales of $2,100,000. The companys average operating assets for the year were $2,300,000 and its minimum required rate of return was 13%.
Required:
Compute the companys residual income for the year.
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