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 $18.000 Case 2 Net income $43,000 Average total assets $479,000 Return on sales Net sales Case 3 Average total assets $66,000 1 times Asset turnover Return on sales 8% Return on assets Case 4 Return on assets Net sales $30,000 1 times Asset turnover Net income Case 5 Return on assets 17% Net income $5,950 Return on sales 2% Average total assets