A company had net income of $300,000 after paying taxes at 34 percent. The firm had revenues

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Question:

A company had net income of $300,000 after paying taxes at 34 percent. The firm had revenues of $2,500,000. Their interest expense for the year was $150,000 while their operating expenses were $200,000. The firms approximate cost of goods sold is $1.7 million.

If leverage is 2, the current ratio is 1.2 and total asset turnover is 1.5, what is the company’s ROE?

Please explain how to find this answer by hand (without using Excel).