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Selected information from Logic Company's December 31, 2022 and 2021 financial statements is presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity Net income Multiple Choice 14.7% Compute the company's 2022 profit margin. (Round your answer to 3 decimal places.) 1.5% 2022 $ 85,000 91,000 510,000 257,000 815,000 505,000 75,000 3.1% 2021 $80,000 73,000 383,000 219,000 790,000 435,000 50,000

Selected information from Logic Company's December 31, 2022 and 2021 financial statements is presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity Net income Multiple Choice 14.7% Compute the company's 2022 profit margin. (Round your answer to 3 decimal places.) 1.5% 2022 $ 85,000 91,000 510,000 257,000 815,000 505,000 75,000 3.1% 2021 $80,000 73,000 383,000 219,000 790,000 435,000 50,000

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Selected information from Logic Company's December 31, 2022 and 2021 financial statements is presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity Net income Multiple Choice 14.7% Compute the company's 2022 profit margin. (Round your answer to 3 decimal places.) 1.5% 3.1% 2022 $ 85,000 91,000 510,000 257,000 815,000 505,000 75,000 9.3% 2021 $80,000 73,000 383,000 219,000 790,000 435,000 50,000
Transcribed Image Text:Selected information from Logic Company's December 31, 2022 and 2021 financial statements is presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity Net income Multiple Choice 14.7% Compute the company's 2022 profit margin. (Round your answer to 3 decimal places.) 1.5% 3.1% 2022 $ 85,000 91,000 510,000 257,000 815,000 505,000 75,000 9.3% 2021 $80,000 73,000 383,000 219,000 790,000 435,000 50,000
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