Can you explain the steps for solving this General accounting question accurately? Fletcher Industries has a profit margin of 8.5% on sales of$35,000,000. Assume the firm has debt of $12,000,000and total assets of $20,000,000. What is the firm's ROA?(Do not round intermediate calculations and give youranswer as a percent rounded to 2 decimal places, e.g.,32.16)

Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial ratio that shows…

Answered: Fletcher Industries has a profit margin…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 13P

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Fletcher Industries has a profit margin of 8.5% on sales of $35,000,000. Assume the firm has debt of $12,000,000 and total assets of $20,000,000. What is the firm's ROA? (Do not round intermediate calculations and give your answer as a percent rounded to 2 decimal places, e.g., 32.16)