Excerpts from TPX Company's December 31, 2021 and 2020, financial statements are presented below: 2021 2020 Accounts receivable$80,000 $72,000 Inventory 84,000 70,000 Net sales 400,000 372,000 Cost of goods sold 254,000 216,000 Total assets 850,000 810,000 Total stockholders' equity 500,000 450,000 Net income 75,000 56,000 TPX Company's 2021 profit margin is: (Round your answer to 1 decimal place.)
A. 18.8%.
B. 19.4%.
C. 15.1%.
D. 9.0%.
Answer: A
You might also like to view...
Adam, Bill, and Charlie are partners. The profit and loss sharing rule between them is 2:5:3, with Bill getting the largest share and Adam receiving the smallest. The partnership incurs a net loss of $21,000. While closing the Income Summary ________. (Do not round any intermediate calculations.)
A) Income Summary will be credited for $6300 B) Adam, Capital will be debited for $6300 C) Adam, Capital will be credited for $6300 D) Charlie, Capital will be debited for $6300
Gaven Griffith of Griffith's department stores tells his marketing director that he is tired of the constant price-centered advertising by the firm's agency. "We have the best customer service in town, and I feel that is what we should be hanging our hats on," he states. This statement is most appropriate for use in which of the following stages of campaign development?
A. Determining the appropriations B. Creating the platform C. Identifying the target D. Defining objectives E. Developing the media plan
Which one of the following activities is not shown in the Vendors section of the Home page?
A. Pay Bills B. Pay Sales Taxes C. Write Checks D. Purchase Orders
Jane and Joseph Sechrist signed a contract to have a swimming pool built in their backyard for $10,000. The salesman for the pool company signed the contract as well on a space marked "Salesperson." Two days after the contract was signed, the salesman called the Sechrists back and asked them to come in and sign a new contract for $11,000 because the vice president had not approved the original
price. Jane has checked the contract and discovered that there is no language that requires the approval of anyone other than the salesperson. Jane and Joseph can have their pool built for $10,000 because: A) the pool company was bound once Jane and Joe signed the contract. B) the pool company has ratified the contract. C) of misrepresentation. D) the salesman had at least apparent authority to bind the pool company.