Y3K, Inc., has sales of $6,349, total assets of $2,965, and a debt−equity ratio of 1.2. If its return on equity is 15 percent, what is its net income? (Do not round intermediate calculations and round your answer to 2 decimal places, e.g., 32.16.)
Debt-equity ratio=debt/equity
Hence debt=1.2*equity
Total assets=Total liabilities+Total equity
=1.2*equity+equity
2,965=2.2*equity
equity=2,965/2.2
=$1347.72727(Approx)
ROE=Net income/Equity
Net income=1347.72727*15%
=$202.16(Approx)
Y3K, Inc., has sales of $6,349, total assets of $2,965, and a debt−equity ratio of 1.2....
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