What is the profit margin for this general accounting question? During 2022, Granville Industries reported the following:•Net Sales: $25,000,000•Net Income: $1,250,000.Depreciation Expense: $500,000Beginning Total Assets: $10,000,000••Ending Total Assets: $18,000,000.Property, Plant, and Equipment: $7,500,000Accumulated Depreciation: $1,800,000What is Granville Industries' profit margin?a. 5.0%b. 4.2%c. 6.3%d. 7.5%

Step 1: Define Profit MarginProfit margin is a financial ratio that measures the percentage of net…

Answered: During 2022, Granville Industries…

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter8: Depreciation, Cost Recovery, Amortization, And Depletion

Section: Chapter Questions

Problem 29CE

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On December 31, 2020, Riverbed Inc. has a machine with a book value of $1,410,000. The original cost and related accumulated depreciation at this date are as follows. Machine $1,950,000 Less: Accumulated depreciation 540,000 Book value $1,410,000 Depreciation is computed at $90,000 per year on a straight-line basis. Presented below is a set of independent situations. For each independent situation, indicate the journal entry to be made to record the transaction. Make sure that depreciation entries are made to update the book value of the machine prior to its disposal. (a) Your answer is correct. A fire completely destroys the machine on August 31, 2021. An insurance settlement of $645,000 was received for this casualty. Assume the settlement was received immediately. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Date Account Titles and…
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