Plano Corporation reported net income $24,000; net sales $400,000; and average assets $600,000 for 1998. What is

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Plano Corporation reported net income $24,000; net sales $400,000; and average assets $600,000 for 1998. What is the 1998 profit margin?

(a) 6%

(b) 12%

(c) 40%

(d) 200%

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Financial Accounting Tools For Business Decision Making

ISBN: 9780471169192

1st Edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso

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Plano Corporation reported net income $24,000; net sales $400,000; and average assets $600,000 for 1998. What is

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Financial Accounting Tools For Business Decision Making

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