Pl-53. Disaggregating Return on Assets over Multiple Periods 3M COMPANY Following are selected financial statement data from 3M Company for 2015 through 2018.

$millions 2015 ... ........... . .. . ..... .. .
2016 ............ .. ..........•.
2017 ............ .. .......... . .
2018 ............. . ......... .. .
Required Total Assets $32,883 32,906 37,987 36,500 Net Income $4,841 5,058 4,869 5,363

a. What was 3M Company's return on assets (ROA) for 2016, 2017, and 2018?

b. Determine profit margin (PM) for each of the three years 2016-2018.

c. Determine asset turnover (AT) for each of the three years 2016-2018.
Sales $30,274 30,109 31 ,657 32,765

d. What factor is mainly responsible for the change in 3M's ROA from 2016 to 2017? Is it profit margin or asset turnover or both?

e. What factor is mainly responsible for the change in 3M's ROA from 2017to2018? Is it profit margin or asset turnover or both?