Suppose a firm had sales of $200,000 and net income of $7,000 for the year. What is the profit margin on sales ratio?
Answer to relevant QuestionsThe following transactions occurred during a recent accounting period. For each, tell whether it (1) Increases net income, (2) Decreases net income, or (3) Does not affect net income.a. Paid dividendsb. Purchased inventoryc. ...Suppose a company purchases a piece of equipment for $80,000 at the beginning of the year. The equipment is estimated to have a useful life of five years and no residual value. Using the depreciation method you learned about ...The TJ Company collects all service revenue in advance. The company showed a $12,500 liability on its December 31, 2011, balance sheet for unearned service revenue. During 2012, customers paid $50,000 for future services, ...Hobbs Company started the year with $6,000 of prepaid rent. During the year, Hobbs paid additional rent in advance amounting to $12,000. The rent expense for the year was $15,000. What was the balance in prepaid rent on the ...The Einstein Cable Company collects all service revenue in advance. Einstein showed a $16,825 liability on its June 30, 2010, balance sheet for unearned service revenue. During the following fiscal year, customers paid ...
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