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Question 7: Time: 25 minutes Total: 15 marks A Hong Kong firm has a debt-equity ratio of 64 %, a total asset turnover of 1.42,

Question 7: Time: 25 minutes Total: 15 marks A Hong Kong firm has a debt-equity ratio of 64 %, a total asset turnover of 1.42, and a profit margin of 9.1 %. The total equity is $677,500. What is the amount of the net income? Show calculations in detail

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