Nova Manufacturing had the following 2022 financial statement relationships: Metric Asset Turnover Value 4 Profit Margin on Sales 0.03 What was Nova Manufacturing's percentage return on assets (ROA) in 2022? a) 0.12% b) 1.2% c) 3.0% d) 12.0%

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Please need answer the general accounting question

Nova Manufacturing had the following 2022 financial statement relationships:
Metric
Asset Turnover
Value
4
Profit Margin on Sales 0.03
What was Nova Manufacturing's percentage return on assets (ROA) in 2022?
a) 0.12%
b) 1.2%
c) 3.0%
d) 12.0%
Transcribed Image Text:Nova Manufacturing had the following 2022 financial statement relationships: Metric Asset Turnover Value 4 Profit Margin on Sales 0.03 What was Nova Manufacturing's percentage return on assets (ROA) in 2022? a) 0.12% b) 1.2% c) 3.0% d) 12.0%
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