What was the firm's return on sales for 2018? a. 4.0 percent c. 5.0 percent b. 4.5
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What was the firm's return on sales for 2018?
a. 4.0 percent
c. 5.0 percent
b. 4.5 percent
d. 5.5 percent
Sales revenues for 2018 were \(\$ 800,000\), gross profit was \(\$ 320,000\), and net income was \(\$ 36,000\). The income tax rate was 40 percent. One year ago, accounts receivable (net) were \(\$ 76,000\), inventory was \(\$ 110,000\), total assets were \(\$ 460,000\), and stockholders' equity was \(\$ 260,000\). The bonds payable were outstanding all year and the 2018 interest expense was \(\$ 12,000\).
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