Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. the 2024 income statement for circuit tv and appli

The 2024 income statement for Circuit TV and Appliance reported net sales of $420,000 and...

60.1K

Verified Solution

Question

Accounting

The 2024 income statement for Circuit TV and Appliance reported net sales of $420,000 and net income of $65,000. Average total
assets for 2024 was $800,000. Shareholders' equity at the beginning of the year was $500,000, and $20,000 was paid to
shareholders as dividends. There were no other shareholders' equity transactions that occurred during the year.
Calculate the profit margin on sales, return on assets, and return on equity for 2024.
image

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

Examine several small metal tools or parts. Try to determine whether each was formed by forging,...

Mechanical Engineering
Q

Honest Tea: Organizational Structure Honest Tea (U.S.) is a bottled organic tea company based in Bethesda, Maryland....

Operations Management
Q

1) Consider the statement: “If it snows then we will stay home”. Find the: Converse Inverse Contra-positive Assuming the original...

Advance Math
Q

6 28 If we are standing at the top of Everest what is true about...

Physics
Q

A person crosses a river along the path AB and again returns to A through...

Physics
Q

USING STRUCTURE Describe the transformation of the graph of the parent quadratic function to the...

Basic Math
Q

g(x) = cax is a way of symbolizing any exponential function. Choosespecific numbers for c...

Basic Math
Q

Table 14 9 Suppose that a firm in a competitive market faces the following revenues...

Statistics
Q

Accounting
Q

What are the corporate governance issues raised, and how might they be addressed in a...

Accounting
Q

COMP26-1 (similar to Question F - X Dennis Dawson, majo accountant, you've bee Requirements mpany's...

Accounting
Q

Oak Corporation's financial statements for the current year showed the following: Note: Round your answers...

Accounting