Question: Presented here are summarized data from the balance sheets and income statements of Wiper Incorporated: WIPER INCORPORATED Condensed Balance Sheets December 31, 2023, 2022, 2021
Presented here are summarized data from the balance sheets and income statements of Wiper Incorporated:
| WIPER INCORPORATED | |||
|---|---|---|---|
| Condensed Balance Sheets | |||
| December 31, 2023, 2022, 2021 | |||
| (in millions) | |||
| 2023 | 2022 | 2021 | |
| Current assets | $ 734 | $ 959 | $ 813 |
| Other assets | 2,421 | 1,928 | 1,727 |
| Total assets | $ 3,155 | $ 2,887 | $ 2,540 |
| Current liabilities | $ 585 | $ 838 | $ 731 |
| Long-term liabilities | 1,555 | 1,015 | 883 |
| Stockholders equity | 1,015 | 1,034 | 926 |
| Total liabilities and stockholders' equity | $ 3,155 | $ 2,887 | $ 2,540 |
| WIPER INCORPORATED | ||
|---|---|---|
| Selected Income Statement and Other Data | ||
| For the Years Ended December 31, 2023 and 2022 | ||
| (in millions) | ||
| 2023 | 2022 | |
| Income statement data: | ||
| Sales | $ 3,058 | $ 2,921 |
| Operating income | 304 | 318 |
| Interest expense | 92 | 73 |
| Net income | 215 | 210 |
| Other data: | ||
| Average number of common shares outstanding | 42.1 | 47.5 |
| Total dividends paid | $ 58.0 | $ 53.1 |
Required:
A. Calculate return on investment, based on net income and average total assets, for 2023 and 2022.
B. Calculate return on equity for 2023 and 2022.
a. Calculate return on investment, based on net income and average total assets, for 2023 and 2022. Note: Do not round intermediate calculations. Round your percentage answers to 1 decimal place (i.e., 0.123 should be entered as 12.3. b. Calculate return on equity for 2023 and 2022. Note: Round your percentage answers to 1 decimal place (i.e., 0.123 should be entered as 12.3.
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