Solve this problem A company had net income of $40,000, net sales of$300,000, and total assets of $200,000. Its profitmargin and total asset turnover were respectively:a) 13.3%; 0.2.b) 13.3%; 1.5.c) 2.0%; 1.5.d) 1.5%; 0.2.e) 1.5%; 13.3.

b. 13.3%; 1.5 Profit Margin = (Net Income / Net Sales) x 100Profit Margin = (40,000 / 300,000) x…

Answered: A company had net income of $40,000,…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 6EA: During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of...

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A company had net income of $40,000, net sales of $300,000, and total assets of $200,000. Its profit margin and total asset turnover were respectively: a) 13.3%; 0.2. b) 13.3%; 1.5. c) 2.0%; 1.5. d) 1.5%; 0.2. e) 1.5%; 13.3.