What is the 2012 profit margin ratio? Plano Corporation reported net income $24,000; net sales$400,000; and average assets $600,000 for 2012. Whatis the 2012 profit margin ratio?a) 6%.b) 12%.c) 40%.d) 200%.

The profit margin ratio is calculated by dividing net income by net sales: Profit Margin Ratio =…

Answered: Plano Corporation reported net income…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter12: Balanced Scorecard And Other Performance Measures

Section: Chapter Questions

Problem 6EB: During the current year, Plainfield Manufacturing earned income of $845,000 from total sales of...

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Plano Corporation reported net income $24,000; net sales $400,000; and average assets $600,000 for 2012. What is the 2012 profit margin ratio? a) 6%. b) 12%. c) 40%. d) 200%.