Question

Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented...

Excerpts from Dowling Company's December 31, 2021 and 2020, financial statements and key ratios are presented below (all numbers are in millions):

2021 2020
Accounts receivable (net) $ 20 $ 16
Net sales $ 115 100
Cost of goods sold $ 60 55
Net income $ 20 17
Inventory turnover 5.22
Return on assets 10.3 %
Equity multiplier 2.36


Dowling's return on equity for 2021 is (rounded):

Multiple Choice

  • 22%.

  • 24.3%.

  • 17.4%.

  • 9%.

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