Question
Lone Star, Incorporated, reported sales of $560,000, cost of goods sold of $275,000, and operating expenses of $130,000 for the current year. Using this information,
Lone Star, Incorporated, reported sales of $560,000, cost of goods sold of $275,000, and operating expenses of $130,000 for the current year. Using this information, calculate the amount of net income and net income as a percentage of sales. Note: Round your percentage value answer to 1 decimal place, i.e. 0.1234 as 12.3%.
Net income?
Net income as a percentage of sales?
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Financial Accounting A Business Perspective
Authors: Jefferson Williams, Roger Hermanson, James Don Edwards
10th Edition
1930789793, 978-1930789791
