Rocky Corp. reported net income of $30,000, net sales of $500,000, and average assets of $700,000 for 2012. What is the 2012 profit margin ratio? a) 4% b) 6% c) 10% d) 12%
Rocky Corp. reported net income of $30,000, net sales of $500,000, and average assets of $700,000 for 2012. What is the 2012 profit margin ratio? a) 4% b) 6% c) 10% d) 12%
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Rocky Corp. reported net income of $30,000, net sales of
$500,000, and average assets of $700,000 for 2012.
What is the 2012 profit margin ratio?
a) 4%
b) 6%
c) 10%
d) 12%
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