7.At the end of 2007, Camille Company had $150 million total assets. Return on assets was 18% and profit margin was 6%.
Required:
Compute (a) asset turnover, (b) sales, and (c) net income.
8.Turbonics Company reported the following items in its financial statements:
20072008
Sales$1,248,000$1,485,000
Net income150,000195,000
Total assets960,0001,350,000
Required:
a.Compute asset turnover, profit margin, and return on assets for each year.
b.Explain the change in return on assets from 2007 to 2008.