Question: Problem 3-33 Return on Assets [LO 2] A fire has destroyed a large percentage of the financial records of the Inferno Company. You have the

 Problem 3-33 Return on Assets [LO 2] A fire has destroyeda large percentage of the financial records of the Inferno Company. You

Problem 3-33 Return on Assets [LO 2] A fire has destroyed a large percentage of the financial records of the Inferno Company. You have the task of piecing together information in order to release a financial report. You have found the return on equity to be 14.7 percent. Sales were $1,745,000, the total debt ratio was .33, and total debt was $650,000. What are the total assets? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Total assets Total assets What is the total equity? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Total equity Total equity Total equity What is the net income? (Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32.) Net income What is the return on assets (ROA)? (Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places, e.g., 32.16.) Return on assets Return on assets 1 1 %

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Finance Questions!