Quick answer of this accounting questions Prime Co. had the following 2023 financial statement relationships:Asset turnover: 4 Profit margin on sales: 0.03What was Prime's 2023 percentage return on assets?a. 0.75%b. 3%c. 12%d. 15%

Step 1: Analysis of information givenAsset turnover = 4Profit margin on sale (decimal form) =…

Answered: Prime Co. had the following 2023…

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

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Problem 6MCQ

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Prime Co. had the following 2023 financial statement relationships: Asset turnover: 4 Profit margin on sales: 0.03 What was Prime's 2023 percentage return on assets? a. 0.75% b. 3% c. 12% d. 15%