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Trouble Company has provided the following data: Sales........................................................... $5,000,000 Interest expense......................................... $30,000 Total assets, beginning of year .................. $185,000 Total assets, end of year ............................ $215,000 Tax rate ...................................................... 30% Return on total assets ................................. 15.5% Tribble Company's net income was: A) $1,000 C) $22,000 B) $31,000 D) $10,000

Trouble Company has provided the following data: Sales........................................................... $5,000,000 Interest expense......................................... $30,000 Total assets, beginning of year .................. $185,000 Total assets, end of year ............................ $215,000 Tax rate ...................................................... 30% Return on total assets ................................. 15.5% Tribble Company's net income was: A) $1,000 C) $22,000 B) $31,000 D) $10,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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  1. Trouble Company has provided the following data:

Sales........................................................... $5,000,000

Interest expense......................................... $30,000

Total assets, beginning of year .................. $185,000

Total assets, end of year ............................ $215,000

Tax rate ...................................................... 30%

Return on total assets ................................. 15.5%

Tribble Company's net income was:

  1. A) $1,000 C) $22,000
  2. B) $31,000 D) $10,000
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