Problem:
The Purple Martin has annual sales of $4,900, total debt of $1,240, total equity of $2,300, and a profit margin of 6 percent.
Requirement:
Question: What is the return on assets? Start by calculating Net Income and Total Assets.
- 23.71
- 12.78%
- 11.17%
- 6.00%
- 8.31%
Note: Provide correct solution of the given problem with step by step calculations.