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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?

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?

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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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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