Problem
For the year ended December 31, 2013, Taylor & Partridge, earned an ROI of 14%. Sales for the year were $18 million, and average asset turnover was 2. Average stockholders' equity was $2.5 million.
Required:
a. Calculate Taylor & Partridge's margin and net income. (Round your "margin" answer to 1 decimal place (i.e., 32.1).)
b. Calculate Taylor & Partridge's return on equity. (Round your answer to 1 decimal place. (e.g., 32.1))