Alpha is popular loungewear that prides itself on its versatility. Last year, its net sales were $1,750,000 with cost of goods of $390,000. The company's operating expenses totaled $960,000. Calculate the company's net operating profit margin percentage.
A. 12.5 percent
B. 22.9 percent
C. 77.1 percent
D. 19.3 percent
E. 22.2 percent
Answer: B
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Which method focuses on the materiality of current year misstatements and the reversing effect of prior-year misstatements on the income statement?
a. Rollover method. b. Iron curtain method. c. Percentage approach. d. Judgmental method.
Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $104,500, allowance for doubtful accounts of $665 (credit) and sales of $925,000. If uncollectible accounts are estimated to be 0.5% of sales, what is the amount of the bad debts expense adjusting entry?
A. $4,750 B. $4,625 C. $3,960 D. $4,825 E. $5,290
____ are usually subconscious expressions that directly communicate an individual’s emotions.
a. Adapters b. Bandwidths c. Affect displays d. Cliques
Meri, an accountant, includes a false statement in a report for Novelty Paper Products, Inc. (NPPI) that is filed with the Securities and Exchange Commission. When Otho buys stock in NPPI and loses money on the investment, he files a suit against Meri, alleging fraud under the 1934 Securities Exchange Act. To avoid liability, Meri can show that she
A. intended to defraud NPPI, not Otho. B. intended to profit on stock trades generally, not only with Otho. C. is an otherwise competent accountant. D. was not aware her statement was false.