Worsell Inc. reported the following results from last year's operations: Sales$11,000,000Variable expenses 8,200,000Contribution margin 2,800,000Fixed expenses 2,360,000Net operating income$440,000Average operating assets$5,000,000?The company's minimum required rate of return is 10%. Last year's residual income was closest to:
A. ($638,000)
B. $440,000
C. $490,000
D. ($60,000)
Answer: D
Business
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