Presented here are summarized data from the balance sheets and income statements of Wiper Incorporated:

WIPER INCORPORATED
Condensed Balance Sheets
December 31, 2023, 2022, 2021
(in millions)
	2023	2022	2021
Current assets	$ 650	$ 900	$ 700
Other assets	2,750	2,050	1,750
Total assets	$ 3,400	$ 2,950	$ 2,450
Current liabilities	$ 500	800	$ 700
Long-term liabilities	1,500	1,000	800
Stockholders' equity	1,400	1,150	950
Total liabilities and stockholders' equity	$ 3,400	$ 2,950	$ 2,450

WIPER INCORPORATED
Selected Income Statement and Other Data
For the Years Ended December 31, 2023 and 2022
(in millions)
	2023	2022
Income statement data:
Sales	$ 3,300	$ 2,900
Operating income	380	300
Interest expense	80	70
Net income	300	230
Other data:
Average number of common shares outstanding	44	42
Total dividends paid	$ 50	$ 30

Required:

Calculate return on investment, based on net income and average total assets, for 2023 and 2022.

Calculate return on equity for 2023 and 2022.

Calculate working capital and the current ratio for each of the past three years.

Calculate earnings per share for 2023 and 2022.

If Wiper's stock had a price/earnings ratio of 14 at the end of 2023, what was the market price of the stock?

Calculate the cash dividend per share for 2023 and the dividend yield based on the market price calculated in part e.

Calculate the dividend payout ratio for 2023.

Assume that accounts receivable at December 31, 2023, totaled $310 million. Calculate the number of days' sales in receivables at that date.

Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2023 and 2022.

Calculate the times interest earned ratio for 2023 and 2022.

Calculate Wiper's debt ratio and debt/equity ratio at December 31, 2023 and 2022. Note: Round "Debt ratio" to 1 decimal place (i.e., 0.123 should be entered as 12.3) and "Debt/equity ratio" to the nearest whole percent (i.e., 012 should be entered as 12).

	2023		2022
Debt ratio	58.8	%	61.0	%
Debt/equity ratio	2	%	2	%

a. Calculate return on investment, based on net income and average total assets, for 2023 and 2022. Note: Do not round intermediate calculations. Round your percentage answers to 1 decimal place (i.e., 0.123 should be entered as 12.3. b. Calculate return on equity for 2023 and 2022. Note: Round your percentage answers to 1 decimal place (i.e., 0.123 should be entered as 12.3.

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	2023		2022
a. Return on investment	9.4selected answer correct	%	8.5selected answer correct	%
b. Return on equity	21.4selected answer incorrect	%	20.0selected answer incorrect	%