Relationships among Return on Assets, Return on Sales, and Asset Turnover

A company's return on assets is a function of its ability to turn over its investment (asset turnover) and earn a profit on each dollar of sales (return on sales).

Required:

For each of the following independent cases, determine the missing amounts. (Note: Assume in each case that the company has no interest expense; that is, net income is used as the definition of income in all calculations.)

For return on assets (case 1 and 3 only), round raw calculations to 2 decimal places, but enter the answer as a percentage with no decimal places; for example, .178 rounds to .18 and would be entered as 18, indicating 18%.

For all other cases, round to the nearest whole dollar.

Case 1
Net income	$11,500
Net sales	$55,200
Average total assets	$115,000
Return on assets	%
Case 2
Net income	$61,000
Average total assets	$594,100
Return on sales	6%
Net sales	$
Case 3
Average total assets	$94,000
Asset turnover	2 times
Return on sales	2%
Return on assets	%
Case 4
Return on assets	13%
Net sales	$70,000
Asset turnover	1.75 times
Net income	$
Case 5
Return on assets	9%
Net income	$3,150
Return on sales	6%
Average total assets	$