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For the year ended December 31, 2019, Settles Inc. earned an ROI of 8.8%. Sales for the year were $13 million, and the average asset turnover was 2.2. Average stockholders' equity was $2.8 million. Required: a. Calculate Settles Inc.'s margin and net income. b. Calculate Settles Inc.'s return on equity.

For the year ended December 31, 2019, Settles Inc. earned an ROI of 8.8%. Sales for the year were $13 million, and the average asset turnover was 2.2. Average stockholders' equity was $2.8 million. Required: a. Calculate Settles Inc.'s margin and net income. b. Calculate Settles Inc.'s return on equity.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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For the year ended December 31, 2019, Settles Inc. earned an ROI of 8.8%. Sales for the year were $13 million, and the average asset turnover was 2.2. Average stockholders' equity was $2.8 million. Required: a. Calculate Settles Inc.'s margin and net income. b. Calculate Settles Inc.'s return on equity.
Transcribed Image Text:For the year ended December 31, 2019, Settles Inc. earned an ROI of 8.8%. Sales for the year were $13 million, and the average asset turnover was 2.2. Average stockholders' equity was $2.8 million. Required: a. Calculate Settles Inc.'s margin and net income. b. Calculate Settles Inc.'s return on equity.
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