Torrid Romance Publishers has total receivables of $3040 which represent 20 days' sales.Average total assets are...
Torrid Romance Publishers has total receivables of $3040 which represent 20 days' sales.Average total assets are $73000. The firms operating profit margine is 5%. Find the firm's ROA and asset turnover ratio?
Homework Answers
Total sales = $3,040 × 365/20 = $55,480
Asset turnover ratio = $55,480/$73,000 = 0.76
ROA = Asset turnover × Operating profit margin = 0.76 × 0.05 = 0.038 or 3.80%
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