A Company Had a Profit Margin of 5

question 7

Multiple Choice

A company had a profit margin of 5%.If net income equaled $83,000 and average total assets equaled $45,000,how much were net sales?

• A)$4,150
• B)$2,250
• C)$1,660,000
• D)$6,400
• E)$128,000

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Definitions:

Land Account Transaction

An accounting entry that affects the balance of the land account, recording the acquisition, improvement, or disposal of land.