Grossman enterprises has an..accounting questions Grossman Enterprises has an equity multiplier of 3.08 times,total assets of $1,596,000, an ROE of 15.10 percent, and a totalasset turnover ratio of 3.15 times. Calculate the firm's sales andROA. (Round sales to the nearest whole dollar, e.g. 125 and ROAto 2 decimal places, e.g. 15.25%.)

Step 1: Define Return on EquityBusiness institutions compute return on equity to track their…

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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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Grossman Enterprises has an equity multiplier of 3.08 times, total assets of $1,596,000, an ROE of 15.10 percent, and a total asset turnover ratio of 3.15 times. Calculate the firm's sales and ROA. (Round sales to the nearest whole dollar, e.g. 125 and ROA to 2 decimal places, e.g. 15.25%.)