A fire has destroyed a large percentage of the financial records of the Excandesco Company. You...
A fire has destroyed a large percentage of the financial records of the Excandesco 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 16.7 percent. Sales were $1,795,000, the total debt ratio was .31, and total debt was $660,000.
What is the return on assets (ROA)?
Homework Answers
total debt ratio=Total debt/Total assets
Total assets=(660,000/0.31)
=$2,129,032.258(Approx)
Total assets=debt+equity
Hence equity =$2,129,032.258-$660,000
=$1,469,032.258
ROE=net income/equity
net income =$1,469,032.258*16.7%
=$245328.3871
ROA=net income/Total assets
=$245328.3871/$2,129,032.258
=11.523%
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