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For the year ended December 31, 2022, Settles Incorporated earned an ROI of 8.0%. Sales for the year were $10 million, and average asset turnover was 2. Average stockholders' equity was $2.5 million. Required: a. Calculate Settles Incorporated's margin and net income. Note: Round "Margin" answer to 1 decimal place. Enter the net income answer in dollars, i.e., $5 million should be entered as 5,000,000. b. Calculate Settles Incorporated's return on equity. Note: Round your answer to 1 decimal place. a. Margin a. Net income % b. Return on equity 96

For the year ended December 31, 2022, Settles Incorporated earned an ROI of 8.0%. Sales for the year were $10 million, and average asset turnover was 2. Average stockholders' equity was $2.5 million. Required: a. Calculate Settles Incorporated's margin and net income. Note: Round "Margin" answer to 1 decimal place. Enter the net income answer in dollars, i.e., $5 million should be entered as 5,000,000. b. Calculate Settles Incorporated's return on equity. Note: Round your answer to 1 decimal place. a. Margin a. Net income % b. Return on equity 96

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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ces For the year ended December 31, 2022, Settles Incorporated earned an ROI of 8.0 %. Sales for the year were $10 million, and average asset turnover was 2. Average stockholders' equity was $2.5 million. Required: a. Calculate Settles Incorporated's margin and net income. Note: Round "Margin" answer to 1 decimal place. Enter the net income answer in dollars, i.e., $5 million should be entered as 5,000,000. b. Calculate Settles Incorporated's return on equity. Note: Round your answer to 1 decimal place. a. Margin a. Net income % b. Return on equity %
Transcribed Image Text:ces For the year ended December 31, 2022, Settles Incorporated earned an ROI of 8.0 %. Sales for the year were $10 million, and average asset turnover was 2. Average stockholders' equity was $2.5 million. Required: a. Calculate Settles Incorporated's margin and net income. Note: Round "Margin" answer to 1 decimal place. Enter the net income answer in dollars, i.e., $5 million should be entered as 5,000,000. b. Calculate Settles Incorporated's return on equity. Note: Round your answer to 1 decimal place. a. Margin a. Net income % b. Return on equity %
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