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For the year ended December 31, 2022, Settles Incorporated earned an ROI of 8.8%. Sales for the year were $15 million, and average asset turnover
For the year ended December 31, 2022, Settles Incorporated earned an ROI of 8.8%. Sales for the year were $15 million, and average asset turnover was 2.2. Average stockholders' equity was $2.5 million.
Required:
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.
Calculate Settles Incorporated's return on equity. Note: Round your answer to 1 decimal place.
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