General accounting Dimeback Co. has total assets of $8,500,000and a total asset turnover of 2.35 times.Assume the return on assets is 9%. What isthe profit margin?

Step 1: Definition of Profit MarginProfit margin measures the percentage of sales that results in…

Answered: Dimeback Co. has total assets of…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter3: Evaluation Of Financial Performance

Section: Chapter Questions

Problem 19P

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Dimeback Co. has total assets of $8,500,000 and a total asset turnover of 2.35 times. Assume the return on assets is 9%. What is the profit margin?