Lion Inc., has sales of $2676, total assets of $769, and a debt−equity ratio of 0.7....
Lion Inc., has sales of $2676, total assets of $769, and a debt−equity ratio of 0.7. If its return on equity is 21%.
What is Lion’s Net Income?
(Round final answer to 2 decimal places. Do not round intermediate calculations).
Homework Answers
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| given that- | ||
| Sales | 2676 | |
| total assets | 769 | |
| debt−equity | 0.7 | |
| return on equity | 21% | |
| debt % = | =0.7/(1+0.7) | |
| debt % = | 41.18% | |
| Equity = (1-debt) | 58.82% | |
| Equity= 769*58.82% | 452.35 | |
| Return on equity = Net income/equity | ||
| Net income = Return on equity * equity | ||
| Net income= 425.35*21% | 94.99 | |
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