The following financial information was taken from a firm's accounting records on December 31, 2013. Use this information to determine the items below. $\begin{array}{lr}
\text { Net Sales } & \$ 400,000 \
\text { Net Income Before Income Tax } & 25,000 \
\text { Income Tax Expense } & 3,750 \
\text { Net Income After Income Tax } & 21,250 \
\text { Total Assets } & 160,000
\end{array}$ (1) Rate of return on net sales.
(2) Rate of return on total assets.
(3) Asset turnover.

Question

Quizplus · Accepted Answer

The Answer of The following financial information was taken from a firm's accounting records on December 31, 2013. Use this information to determine the items below. $\begin{array}{lr}
\text { Net Sales } & \$ 400,000 \
\text { Net Income Before Income Tax } & 25,000 \
\text { Income Tax Expense } & 3,750 \
\text { Net Income After Income Tax } & 21,250 \
\text { Total Assets } & 160,000
\end{array}$ (1) Rate of return on net sales.
(2) Rate of return on total assets.
(3) Asset turnover.

The Following Financial Information Was Taken from a Firm's Accounting