Give true answer Morrison Motors has total equity of$289,100 and net income of $64,500. Thedebt-equity ratio is 0.45 and the total assetturnover is 1.6. What is the profit margin?a) 3.10 percentb) 5.23 percentc) 5.67 percentd) 8.21 percente) 9.62 percent

Step 1: Introduction to the Profit MarginProfit margin is the ratio of profit to sales. A firm that…

Answered: Morrison Motors has total equity of…

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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Morrison Motors has total equity of $289,100 and net income of $64,500. The debt-equity ratio is 0.45 and the total asset turnover is 1.6. What is the profit margin? a) 3.10 percent b) 5.23 percent c) 5.67 percent d) 8.21 percent e) 9.62 percent