Question: The contribution margin at Approval, Inc. was calculated to be 20% when sales were $403,000, net operating income was $80,600, and average operating assets

The contribution margin at Approval, Inc. was calculated to be 20% when

The contribution margin at Approval, Inc. was calculated to be 20% when sales were $403,000, net operating income was $80,600, and average operating assets were $128,000. What was Approval Inc.'s return on investment (ROI)? Multiple Choice 20.0% 0.3% C 3.2% 63.0%

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Warehouse workers at the Featherstone Corporation are cleaning out its warehouse and have discovered some obsolete inventory. As management tries to decide whether to sell that inventory to a junk...

Kyle, Inc., owns 75 percent of CRT Company. During the current year, CRT reported net income of $425,000 but paid a total cash dividend of only $105,000. What deferred income tax liability must be...

Angelo and Aaliyah began arguing about who did better on their tests, but they couldn't decide who did better given that they took different tests. Angelo took a test in Science and earned a 76.3,...

Test if the following series is conditionally convergent, absolutely convergent or divergent 6. Test if the following series is conditionally convergent, absolutely convergent or divergent. +00 (2)...

Complete Proforma Year 9. First five pages: income statement, cost of goods sold, contribution format income statement, balance sheet, and cash flow statement. COGS Cont Inc St BalSheetWACC...

Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil eld in Alaska. Data concerning the most recent year appear below: 5...

Please answer the following questions: Alyeska Services Company, a division of a major oil company, provides various services to the operators of the North Slope oil field in Alaska. Data concerning...

O No points Skipped 2-a. Refer to the data in case B above. In this case there will be no reduction in variable selling costs on intracompany sales. Determine the transfer price of the selling...

Required: 1. Using the indirect method, prepare a Statement of Cash Flows for the year 2. To help P & B Manufacturing assess its liquidity at the end of the year calculate the following: a. Current...

Use the information above to fill in the blanks for the direct labor budget. The $59,631 is given and is correct. a. Budgeted monthly absorption costing income statements for April-July are: April...

A particularly long traffic light on your morning commute is green 20% of the time that you approach it. Assume that each morning represents an independent trial. (a) Over five mornings, what is the...

A 0.50-kg mass oscillates in simple harmonic motion on a spring with a spring constant of 200 N/m. What are (a) The period and (b) The frequency of the oscillation?

A rare isotope of a nuclear material is very unstable, decaying at a rate of 1 2 % each second. Find how much isotope remains 1 4 seconds after 7 grams of the isotope is created

A new instrument capable of performing 40,000 tests per year has a purchase price of $15,000,000. The installation will cost 10% of the purchase price. The manufacturer covers maintenance costs for...

You have just been hired as a new management trainee by Earrings Unlimited, a distributor of earrings to various retail outlets located in shopping malls across the country. In the past, the company...

Benedicts Test for Reducing Sugars: Tube Solution/food Color reaction to Benedicts solution Presence of reducing sugar (green/reddish orange color) 1 1ml distilled water 2 good pinch glucose powder 3...

On January 1, 2014, Prince Corporation acquired 70% of the 100,000 outstanding voting shares of Song Limited for a cash consideration of $1,015,000. On that date, shares of Song Limited were trading...

Your friend Elise comes to you looking for help. You know that she is talented at producing videos and has recently started her own company to make videos for local restaurants and entertainment...

Tori and some other childeen experimented with balls to see which ones rolled. First using a piece of cardboard to use as a ramp, they angled it on a block to the floor to test the balls. Then Tori...

6. Let X, Y be sets and f : X -+ Y. Prove that the following are equivalent. (a) f is 1-1 on X. (b) f(A \ B) = f(A) \ f(B) for all subsets A and B of X. (c) f-l(f(E)) = E for all subsets E of X. (d)...

10. Suppose that n E N and

9. Let f : A -+ B and 9 : B -+ C and define go f : A -+ C by (g 0 f)(x) := g(f(x)). (a) Show that if f,g are 1-1 (respectively, onto), then go f is 1-1 (respectively, onto). (b) [PIGEONHOLE...