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The 2017 income statement for Red Wing reported sales revenue of $420,000 and net income of $65,000. Average total assets for 2017 was $800,000. Shareholders'
The 2017 income statement for Red Wing reported sales revenue of $420,000 and net income of $65,000. Average total assets for 2017 was $800,000. Shareholders' equity at the beginning of the year was $500,000 and $20,000 was paid to shareholders as dividends during the year. There were no other shareholders' equity transactions that occurred during the year. Calculate the profit margin on sales, return on assets, and return on shareholders' equity for 2017. Please show work.
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