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Calculate return on common equity for 2014 using year-end amounts and assuming no preferred dividends.

Do the assigned questions using Malimash, Inc.’s 2014 financial data below:

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

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

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