FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

In 2020, Lean Company Ltd reported net sales of $800,000 in their financial statements. The company also reported average assets of $500,000 and liabilities of

image text in transcribed
In 2020, Lean Company Ltd reported net sales of $800,000 in their financial statements. The company also reported average assets of $500,000 and liabilities of $270,000. If the company's profit margin for the said year was 11.6%, how much is their net income? Select one: a. $58,000 o b. $64,032 c. $52,000 d. $92.800

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting Tools For Business Decision Making

Financial Accounting Tools For Business Decision Making

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine, Christopher D. Burnley

8th Canadian Edition

111959457X, 978-1119594574

More Books

Students also viewed these Accounting questions

Question

5. Suppose initially that immigrant labor and native-born labor are complementary resources. Explain how substantial immigration might change the demand for native-born workers, altering their wages....

Answered: 1 week ago

Question

★★★★★
A man doing push-ups pauses in the position shown in Fig. 9-84. His mass m = 75-kg. Determine the normal force exerted by the floor (a) On each hand; (b) On each foot. 30 cm mg 95 cm + 40 cm-

Answered: 1 week ago

Question

★★★★★
Please assist with answer in red

Answered: 1 week ago

Question

★★★★★
Please answer carefully Patricia Zell a dollmaker from Olney, Maryland, is interested in the mass marketing and production of a ceramic doll of her own design called Tiny Trisha. The initial...

Answered: 1 week ago

Question

★★★★★
Jean-Paul has invested in 1,000 shares of the H.A.L. Computer Corporation. The shares were selling at $60 each when the company announced a 3-for-1 stock split. What is the value of Jean-Paul's...

Answered: 1 week ago

Question

★★★★★
1. Create a T-Account ledger for the following Balances, open the T-accounts with the balances from the Balance Sheet. 2. Input the transactions into each account on the T-Accounts page. There is no...

Answered: 1 week ago

Question

★★★★★
Brand Advertising is offered a 3/10 net 40 trade discount by its supplier. In the past Brand has been able to get away with paying for supplies on credit in 60 days. Since it doesn't have money on...

Answered: 1 week ago

Question

★★★★★
Without doing any measurements, estimate (within an order of magnitude) how many balloons you would have to blow up to fill up a minivan.

Answered: 1 week ago

Question

★★★★★
Which statement is TRUE? a) During the conception phase, the project costs are high (the project incurs high expenditures) b) During the detailed design (Execution phase), the project team can better...

Answered: 1 week ago

Previous Question Next Question