residual-income-with-a-minimum-required-rate-of-return-of-15-accounting-homework-help

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Question 3

Hickory Company reported the following amounts last month:

Average operating assets

$ 320,000

Net operating income

$ 76,000

The company uses residual income, with a minimum required rate of return of 15% to evaluate the performance of its divisions. What was Hickory Company’s residual income last month?

You must enter your answer in the following format for a positive residual income: $x,xxx

You must enter your answer in the following format for a negative residual income: ($x,xxx)
 
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