Intermediate Financial Management (MindTap Course List)
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN: 9781337395083
Author: Eugene F. Brigham, Phillip R. Daves
Publisher: Cengage Learning
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General accounting

Coastal Manufacturing has $15 million in sales, its ROE is 14%, and its total
assets turnover is 3 times. Common equity on the firm's balance sheet is 35%
of its total assets. What is its net income? Round the answer to the nearest
cent.
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Transcribed Image Text:Coastal Manufacturing has $15 million in sales, its ROE is 14%, and its total assets turnover is 3 times. Common equity on the firm's balance sheet is 35% of its total assets. What is its net income? Round the answer to the nearest cent.
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