The following information is provided for Globe Enterprises and Summit Solutions: Globe Enterprises Summit Solutions (in $ millions) Net income 2020 $400 $720 Net sales 2020 3,200 8,100 Total assets 12/31/18 2,500 5,200 Total assets 12/31/19 2,800 5,800 Total assets 12/31/20 3,000 6,400 Revenue from investments $300 $600 What is Summit Solutions' return on assets (rounded) for 2020?

Fundamentals Of Financial Management, Concise Edition (mindtap Course List)
10th Edition
ISBN:9781337902571
Author:Eugene F. Brigham, Joel F. Houston
Publisher:Eugene F. Brigham, Joel F. Houston
Chapter3: Financial Statements, Cash Flow, And Taxes
Section: Chapter Questions
Problem 19SP
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The following information is provided for Globe Enterprises and Summit Solutions:
Globe Enterprises Summit Solutions
(in $ millions)
Net income 2020
$400
$720
Net sales 2020
3,200
8,100
Total assets 12/31/18
2,500
5,200
Total assets 12/31/19
2,800
5,800
Total assets 12/31/20
3,000
6,400
Revenue from investments $300
$600
What is Summit Solutions' return on assets (rounded) for 2020?
Transcribed Image Text:The following information is provided for Globe Enterprises and Summit Solutions: Globe Enterprises Summit Solutions (in $ millions) Net income 2020 $400 $720 Net sales 2020 3,200 8,100 Total assets 12/31/18 2,500 5,200 Total assets 12/31/19 2,800 5,800 Total assets 12/31/20 3,000 6,400 Revenue from investments $300 $600 What is Summit Solutions' return on assets (rounded) for 2020?
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