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Brad's BBQ reported sales of $660,000 and net income of $41,000. Brad's also reported ending total assets of $491,000 and beginning total assets of $384,000. Required: Calculate the return on assets, the profit margin, and the asset turnover ratio for Brad's BBQ.

Brad's BBQ reported sales of $660,000 and net income of $41,000. Brad's also reported ending total assets of $491,000 and beginning total assets of $384,000. Required: Calculate the return on assets, the profit margin, and the asset turnover ratio for Brad's BBQ.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Asset Turnover Choose Numerator Choose Denominator Asset Turnover ets + [Average total assets turnover $ 660,000 + $ 437,500 1.5 times II II
Transcribed Image Text:Asset Turnover Choose Numerator Choose Denominator Asset Turnover ets + [Average total assets turnover $ 660,000 + $ 437,500 1.5 times II II
Brad's BBQ reported sales of $660,000 and net income of $41,000. Brad's also reported ending total assets of $491,000 and beginning total assets of $384,000. Required: Calculate the return on assets, the profit margin, and the asset turnover ratio for Brad's BBQ. Return on Assets Choose Numerator Choose Denominator Return on Assets Net income + [Average total assets Return on assets $ 41,000 + $ 437,500 = 9.4% Profit Margin Choose Numerator Choose Denominator Profit Margin %3D Net income + Sales Profit margin $ 4,100,000 + 660,000 = 621.2% II %24
Transcribed Image Text:Brad's BBQ reported sales of $660,000 and net income of $41,000. Brad's also reported ending total assets of $491,000 and beginning total assets of $384,000. Required: Calculate the return on assets, the profit margin, and the asset turnover ratio for Brad's BBQ. Return on Assets Choose Numerator Choose Denominator Return on Assets Net income + [Average total assets Return on assets $ 41,000 + $ 437,500 = 9.4% Profit Margin Choose Numerator Choose Denominator Profit Margin %3D Net income + Sales Profit margin $ 4,100,000 + 660,000 = 621.2% II %24
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