Please need answer the general accounting question Nova Manufacturing had the following 2022 financial statement relationships:MetricAsset TurnoverValue4Profit Margin on Sales 0.03What was Nova Manufacturing's percentage return on assets (ROA) in 2022?a) 0.12%b) 1.2%c) 3.0%d) 12.0%

Formula:ROA = Profit Margin on Sales × Asset TurnoverGiven:Profit Margin on Sales = 0.03 (or…

Answered: Nova Manufacturing had the following…

Entrepreneurial Finance

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ISBN:9781337635653

Author:Leach

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Chapter5: Evaluating Operating And Financial Performance

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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%