For the year ended December 31, 2022, Settles Incorporated earned an ROI of 10.5%. Sales for the year were $9 million, and average asset turnover was 2.1. Average stockholders' equity was $2.8 million.Required:Calculate Settles Incorporated's margin and net income.Note: Round "Margin" answer to 1 decimal place. Enter the net income answer in dollars, i.e., $5 million should be entered as 5,000,000.Calculate Settles Incorporated's return on equity.Note: Round your answer to 1 decimal place. For the year ended December 31, 2022, Settles Incorporated earned an ROI of 10.5% Sales for the year were $9 million, and averageasset turnover was 21. Average stockholders' equity was $2.8 million.Required:a. Calculate Settles Incorporated's margin and net income.Note: Round "Margin" answer to 1 decimal place. Enter the net Income answer in dollars, I.e., $5 million should be entered as5,000,000.b. Calculate Settles Incorporated's return on equity.Note: Round your answer to 1 decimal place.a. Margina. Net incomeb. Return on equity%6%6

ROI = Net income / Average total AssetsDivision of Net income with Average total Assets derives the…

Answered: or the year ended December 31, 2022,…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 50E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Required:

Calculate Settles Incorporated's margin and net income.
Note: Round "Margin" answer to 1 decimal place. Enter the net income answer in dollars, i.e., $5 million should be entered as 5,000,000.
Calculate Settles Incorporated's return on equity.
Note: Round your answer to 1 decimal place.

For the year ended December 31, 2022, Settles Incorporated earned an ROI of 10.5% Sales for the year were $9 million, and average
asset turnover was 21. Average stockholders' equity was $2.8 million.
Required:
a. Calculate Settles Incorporated's margin and net income.
Note: Round "Margin" answer to 1 decimal place. Enter the net Income answer in dollars, I.e., $5 million should be entered as
5,000,000.
b. Calculate Settles Incorporated's return on equity.
Note: Round your answer to 1 decimal place.
a. Margin
a. Net income
b. Return on equity
%6
%6

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