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ABC Corp has sales of $8,450, total assets of $3,720, and a debt-equity ratio of 1.65. If its return on equity is 15 percent, what is its net income? (Do not round intermediate calculations and round the final answer to 2 decimal places.)

ABC Corp has sales of $8,450, total assets of $3,720, and a debt-equity ratio of 1.65. If its return on equity is 15 percent, what is its net income? (Do not round intermediate calculations and round the final answer to 2 decimal places.)

Financial Accounting
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter17: Financial Statement Analysis
Section: Chapter Questions
Problem 6CP: The average liabilities, average stockholders' equity, and average total assets are as follows: 1....
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ABC Corp has sales of $8,450, total assets of $3,720, and a debt-equity ratio of 1.65. If its return on equity is 15 percent, what is its net income? (Do not round intermediate calculations and round the final answer to 2 decimal places.)
Transcribed Image Text:ABC Corp has sales of $8,450, total assets of $3,720, and a debt-equity ratio of 1.65. If its return on equity is 15 percent, what is its net income? (Do not round intermediate calculations and round the final answer to 2 decimal places.)
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