The 2021 income statement for Anderson TV and Appliance reported net sales of $420,000 and net income
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The 2021 income statement for Anderson TV and Appliance reported net sales of $420,000 and net income of $65,000. Average total assets for 2021 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 equity for 2021.
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Related Book For
Intermediate Accounting
ISBN: 978-1260481952
10th edition
Authors: J. David Spiceland, James Sepe, Mark Nelson, Wayne Thomas
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