Do the assigned questions using Malimash, Inc.’s 2014 financial data below: MUST SHOW ALL CALCULATIONS and JUSTIFICATIONS Required:

Do the assigned questions using Malimash, Inc.’s 2014 financial data below: MUST SHOW ALL CALCULATIONS and JUSTIFICATIONS

Required:

  1. Calculate return on common equity for 2014 using year-end amounts and assuming no preferred dividends.
  2. Disaggregate the ROCE into operating (RNOA) and non-operating components.
  3. Comment on Merck’s use of leverage. (Assume all assets and current liabilities are operating at a 35% tax rate).

Malimash, Inc.

2014 Financial Data ($ millions)Income Statement Data

Sales Revenue

 $7,120.00

Depreciation

 $230.00

Interest Expense

 $10.00

Pretax Income

 $2,550.00

Income Taxes

 $900.00

Net Income

 $1,650.00

Balance Sheet Data

Current Assets

 $4,850.00

Fixed Assets, Net

 $2,400.00

Total Assets

 $7,250.00

Current Liabilities

 $3,290.00

Long-Term Debt

 $100.00

Shareholders’ Equity

 $3,860.00

Total Liabilities and Shareholders’ Equity

 $7,250.00

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