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profit margin on sales, eturn on assets, and return on equity for 2024.

profit margin on sales, eturn on assets, and return on equity for 2024.

FINANCIAL ACCOUNTING
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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The 2024 income statement for Circuit TV and Appliance reported net sales of $240,000 and net income of $50,000. Average total assets for 2024 was $1,000,000. Shareholders' equity at the beginning of the year was $400,000, and $40,000 was paid to shareholders as dividends. There were no other shareholders' equity transactions that occurred during the year. Calculate the profit margin on sales, return on assets, and return on equity for 2024.
Transcribed Image Text:The 2024 income statement for Circuit TV and Appliance reported net sales of $240,000 and net income of $50,000. Average total assets for 2024 was $1,000,000. Shareholders' equity at the beginning of the year was $400,000, and $40,000 was paid to shareholders as dividends. There were no other shareholders' equity transactions that occurred during the year. Calculate the profit margin on sales, return on assets, and return on equity for 2024.
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