Determine the companys residual income for the year, Accounting Basics

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Determine the companys residual income for the year

Juniper Design Ltd. of Manchester, England, is a company specializing in providing design services to residential developers. Last year the company had net operating income of £600,000 on sales of £3,000,000. The company's average operating assets for the year were £2,800,000 and its minimum required rate of return was 18%.(The currency used in England is the pound, denoted by £.)

Compute the company's residual income for the year.

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Accounting Basics: Determine the companys residual income for the year

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