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Homework answers / question archive / 1)Mechforce manufacturing's net income was $420,000 on sales of $14 million

1)Mechforce manufacturing's net income was $420,000 on sales of $14 million

Accounting

1)Mechforce manufacturing's net income was $420,000 on sales of $14 million. Average assets for the year were $10 million. Turnover for the year was:

2)Yellowday Energy's margin was 3% and turnover was 4.0 on sales of $50 million for the year. Net income for the year was:

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1 Turnover = Net Sales / Average Assets
  Net Income = $ 14 million
  Average Assets = $ 10 million
   
  Turnover = $ 14 million / $ 10 million
  Turnover = 1.4 times
   
   
2 Net Income = Margin * Sales
  Margin = 3%
  Sales = $ 50 million
   
  Net Income = 3% of $ 50 million
  Net Income = $ 1.5 million
  Net Income = $ 1,500,000
   
  Thank You!