Solved: Compute the net income and return on assets, Managerial Accounting

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Compute the net income and return on assets

Response to the following problem:

Profitability ratios Polly Esther Dress Shops, Inc., can open a new store that will do an annual sales volume of $960,000. It will turn over its assets 2.4 times per year. The profit margin on sales will be 7 percent. What would net income and return on assets (investment) be for the year?

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Managerial Accounting: Compute the net income and return on assets

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