Phoenix Industries reported net income $45,000; net sales $750,000; and average assets $825,000 for 2022. What is the 2022 profit margin?

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
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Phoenix Industries reported net income $45,000; net sales $750,000;
and average assets $825,000 for 2022. What is the 2022 profit
margin?
Transcribed Image Text:Phoenix Industries reported net income $45,000; net sales $750,000; and average assets $825,000 for 2022. What is the 2022 profit margin?
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