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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%.

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%.

Principles of Accounting Volume 2
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%.
Transcribed Image Text: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%.
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