For the year ended December 31, 2019, Settles Inc. earned an ROI of 8.0%. Sales for the year were $15 million, and average asset turnover was 2. Average stockholders' equity was $2.6 million. Required: a. Calculate Settles Inc.'s margin and net income. (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 Inc.'s return on equity. (Round your answer to 1 decimal place.) a. Margin 4.0 % Net income 24 300,000 b. Return on equity 23.0 %

For the year ended December 31, 2019, Settles Inc. earned an ROI of 8.0%. Sales for the year were $15 million, and average asset turnover was 2. Average stockholders' equity was $2.6 million. Required: a. Calculate Settles Inc.'s margin and net income. (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 Inc.'s return on equity. (Round your answer to 1 decimal place.) a. Margin 4.0 % Net income 24 300,000 b. Return on equity 23.0 %

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 8EB: Using the following select financial statement information from Mover Supply Depot, compute the...

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