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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. 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:
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! |