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Philip Morris expects the sales for his clothing company to be $690,000 next year. Philip notes that net assets (Assets - Liabilities) will remain unchanged.

Philip Morris expects the sales for his clothing company to be $690,000 next year. Philip notes that net assets (Assets - Liabilities) will remain unchanged. His clothing firm will enjoy and 11 percent return on total sales. He will start the year with $290,000 in the bank. Is this correct? 690,000*.11=75,900+290,000=365,900

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