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Question - The following table contains financial statement information for Izzy Corporation. ($ millions)
2016 2017
Total Assets $105,000 $125,000
Net Income $10,000 $11,000
Sales $95,000 $100,000
Equity $30,000 $31,000
Required - Compute the return on equity (ROE) and return on assets (ROA) for 2017.
1. 25.5% ROE, 10.0% ROA
2. 31.9% ROE, 11.2% ROA
3. 36.1% ROE, 9.6% ROA
4. 37.2% ROE, 13.1% ROA
Is it important for non-accountants to understand how to read financial statements? If you are not part of the accounting/finance function in a business.
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