Joseph Company Reported the Following Information for the Current Year

Joseph Company reported the following information for the current year: $\begin{array}{|l|r|}\hline \text { Sales } & \$ 787,000 \\\hline \text { Average Operating Assets } & \$ 375,000 \\\hline \text { Desired ROI } & 12 \% \\\hline \text { Residual Income } & \$ 11,250 \\\hline\end{array}$ The company's operating income was:

A) $94,440.
B) $56,250.
C) $45,000.
D) $33,750.

Correct Answer:

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