Question: Use this information for Kellman Company to answer the question that follow. The balance sheets at the end of each of the first two years
Use this information for Kellman Company to answer the question that follow. The balance sheets at the end of each of the first two years of operations indicate the following: Kellman Company Year 2 Year 1 Total current assets $604,500 $553,600 Total investments 66,100 54,800 Total property, plant, and equipment 935,100 687,300 Total current liabilities 100,300 56,900 Total long-term liabilities 312,000 233,100 Preferred 9% stock, $100 par 83,500 83,500 Common stock, $10 par 557,300 557,300 Paid-in capital in excess of par-Common stock 64,500 64,500 Retained earnings 488.100 270,400 Using the balance sheets for Kellman Company, if net income is $111,000 and interest expense is $35,000 for Year 2, what is the return on total assets for the year (rounded to two decimal places)? Ca. 53 Ob 10.06% Oc. 691 Od. 79
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