The balance sheets at the end of each of the first two years…

Questions

The bаlаnce sheets аt the end оf each оf the first twо years of operations indicate the following: Kellman Company   Year 2 Year 1 Total current assets $616,669 $579,794 Total investments 63,792 46,986 Total property, plant, and equipment 909,794 614,515 Total current liabilities 108,711 85,130 Total long-term liabilities 323,415 240,699 Preferred 9% stock, $100 par 95,913 95,913 Common stock, $10 par 595,194 595,194 Paid-in capital in excess of par-common stock 63,384 63,384 Retained earnings 403,638 160,975 Using the balance sheets for Kellman Company, if net income is $114,130 and interest expense is $34,650 for Year 2, what is the return on total assets for the year (round percent to two decimal points)?

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