Calculator Goals for Sales and Return on Assets The president of Nochance Enterprises and her department managers are reviewing the operating results of the year just completed sales increased of 12% from the previous year to $830,000. Average total assets for the year were $400,000. Net income, after adding back interest expense, net tax, was $60,000. The president is happy with the performance over the past year but is never satisfied with the status quo. She has set two specific goals for next year: (1) a 15% growth in sales and (2) a return on assets of 19%. To achieve these goals, the president has stated her intention to increase the total asset base by 10% over the base for the year dust completed. Required: 1. For the year just completed, compute the following ratios. Round your answers to two decimal places. a. Return on sales b. Asset turnover c. Return on assets 2. Compute the necessary asset turnover for next year to achieve the president's goal of a 15% increase in sales. Round your answer to two decimal places. times 3. Calculate the income needed next year to achieve the goal of a 19% return on total assets. (Note: Assume that income is defined as net income plus interest, net of tax.) Previous Check My Work save and Exit Submit Assignment for Grading All work saved