Akers Corporation Reported Net Income $36,000; Net Sales $480,000; and Average

question 39

Multiple Choice

Akers Corporation reported net income $36,000; net sales $480,000; and average assets $800,000 for 2017. What is the 2017 profit margin?

• A) 4.5%
• B) 7.5%
• C) 13.3%
• D) 60.0%

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Definitions:

Mortgage Note

A legal document that evidences a borrower's debt to the lender, secured by a mortgage.

Real Estate Closing

The final step in executing a real estate transaction where the title of the property is transferred to the buyer, and all related costs are settled.

Deed

A deed is a legal document that represents the ownership and transfers the title of property from one party to another.

Proceeds

The amount of money received from a transaction or event, such as the sale of an asset or completion of a project.