Calculate Net Income Given the Following Information: fiXed Asset Turnover

question 333

Multiple Choice

Calculate net income given the following information: fixed asset turnover = 8 times; profit margin = 18.75%; net fixed assets = $30,000.

• A) $42,000
• B) $43,000
• C) $44,000
• D) $45,000
• E) $46,000

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Definitions:

Administrative Law

The body of law that governs the activities of administrative agencies of government, including rulemaking, adjudication, or enforcement of a specific regulatory agenda.

Complexity

Characteristic of a system or process that has multiple components interacting in varied and intricate ways, leading to unpredictable outcomes and behaviors.

Civil Lawsuit

A legal dispute between two or more parties seeking relief or compensation, initiated by the filing of a complaint in a civil court.

Plaintiff

The party who initiates a lawsuit in a civil case, seeking legal remedy for an alleged wrong.