Goals for Sales and Return on Assets The president of Blue Skies Corp. is reviewing with his vice…
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Goals for Sales and Return on Assets
The president of Blue Skies Corp. is reviewing with his vice presidents the operating results of
the year just completed. Sales increased by 15% from the previous year to $60,000,000. Average
total assets for the year were $40,000,000. Net income, after adding back interest expense, net of
tax, was $5,000,000.
The president is happy with the performance over the past year but is never satisfied with the
status quo. He has set two specific goals for next year: (1) a 20% growth in sales and (2) a return
on assets of 15%.
To achieve the second goal, the president has stated his intention to increase the total asset
base by 12.5% over the base for the year just completed.
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