At the end of the year, Wrinkle Free Laundry (WFL) had $250,000 in total assets. a) If WFL's total assets turnover was 2.0, what were its sales revenue? b) If WFL's return on assets was 6 percent, what were its net income and net profit margin?
At the end of the year, Wrinkle Free Laundry (WFL) had $250,000 in total assets. a) If WFL's total assets turnover was 2.0, what were its sales revenue? b) If WFL's return on assets was 6 percent, what were its net income and net profit margin?
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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Transcribed Image Text:At the end of the year, Wrinkle Free
Laundry (WFL) had $250,000 in total
assets.
a) If WFL's total assets turnover was 2.0,
what were its sales revenue?
b) If WFL's return on assets was 6 percent,
what were its net income and net profit
margin?
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