Common equity on the firms balance sheet is 50 of its total, Financial Management

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Common equity on the firms balance sheet is 50 of its total

Precious Metal Mining has $16 million in sales, its ROE is 13%, and its total assets turnover is 4x. Common equity on the firm’s balance sheet is 50% of its total assets. What is its net income? Write out your answer completely. For example, 5 million should be entered as 5,000,000. Round your answer to the nearest cent. Do not round intermediate steps.

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Financial Management: Common equity on the firms balance sheet is 50 of its total

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