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Mattress King determined its return on assets was 1.5%. Which statement is true? O Mattress King generated $.015 of net income for each dollar of assets held by the company. O Mattress King earned profit equal to 1.5% of its total revenue for the period. O Mattress King generated $1.50 of net income for each dollar of sales earned by the company.

Mattress King determined its return on assets was 1.5%. Which statement is true? O Mattress King generated $.015 of net income for each dollar of assets held by the company. O Mattress King earned profit equal to 1.5% of its total revenue for the period. O Mattress King generated $1.50 of net income for each dollar of sales earned by the company.

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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Mattress King determined its return on assets was 1.5%. Which statement is true? O Mattress King generated $.015 of net income for each dollar of assets held by the company. O Mattress King earned profit equal to 1.5% of its total revenue for the period. O Mattress King generated $1.50 of net income for each dollar of sales earned by the company. O Mattress King earned profit equal to 1.5 times the amount of its assets.
Transcribed Image Text:Mattress King determined its return on assets was 1.5%. Which statement is true? O Mattress King generated $.015 of net income for each dollar of assets held by the company. O Mattress King earned profit equal to 1.5% of its total revenue for the period. O Mattress King generated $1.50 of net income for each dollar of sales earned by the company. O Mattress King earned profit equal to 1.5 times the amount of its assets.
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