A company has the following data for the year.Sales revenue$7,200,000Cost of goods sold$5,800,000Net income$1,600,000Average total assets$9,100,000Average total equity$6,300,000Average shares of common stock4,000,000Closing stock price$5.40Required: Calculate the following profitability ratios (round to one decimal place).1. Gross profit ratio2. Return on assets3. Profit margin4. Asset turnover5. Return on equity6. Price-earnings ratio
What will be an ideal response?
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A lay witness may testify about:
a. something he or she heard. b. something he or she saw. c. conclusions of law. d. Both a and b e. All of the above
If a company fails to make an adjusting entry for deferred expense, the assets will be overstated. Assume the deferred expense is initially recorded as an asset
Indicate whether the statement is true or false
The face value of a bond is
A) the amount the issuer will pay to redeem the bond at its maturity. B) its current market price. C) its book value. D) its potential value in the face of liquidation.
An administrative agency can be defined as an authority of the government, other than a legislature or a court, created to administer a particular law
a. True b. False Indicate whether the statement is true or false