Answer:
1. $425,000
2. 10.49%
3. 1.25
4. 13.11%
Explanation:
The computations are shown below:
1. For Average operating assets
= (Beginning Operating Assets + Ending Operating Assets) ÷ 2
= (390,000 + 460,000) ÷ 2
= $425,000
2. For margin:
= Net Operating Income ÷ Sales × 100
= $55,750 ÷ $531,250 × 100
= 10.49%
3. For turnover:
= Sales ÷ Average Operating Assets
= $531,250 ÷ $425,000
= 1.25
4. For return on investment:
= Net Operating Income ÷ Average Operating Assets
= $55,750 ÷ $425,000
= 13.11%
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Answer:
Income statement for the year XXXX ended August 31th
Consulting fees earned 27,000
Rent expense 9,550
Salaries expense 5,600
Telephone expense 860
Miscellaneous expenses <u> 520 </u>
Total expenses 16,530
Net income 10,470
Explanation:
To solve for net income we have to subtract revenue for expenses
the expenses will have the word expense in their name,
Is important to notice dividends are not expense as they represent the distribution of earned to the stockholders or owners of the company. It doesnt' represent an expense associate with the outgoing business activities.