The 2013 income statement for Anderson TV and Appliance reported sales revenue of $420,000 and net income

Question:

The 2013 income statement for Anderson TV and Appliance reported sales revenue of $420,000 and net income of $65,000. Average total assets for 2013 was $800,000. Shareholders’ equity at the beginning of the year was $500,000 and $20,000 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 shareholders’ equity for 2013.


Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Intermediate accounting

ISBN: 978-0077647094

7th edition

Authors: J. David Spiceland, James Sepe, Mark Nelson

Question Posted: