The Following Financial Information Was Taken from a Unit Sales

question 8

Short Answer

The following financial information was taken from a Unit Sales Inc.'s accounting records on December 31, 2013. Use this information to determine the items below. $$\begin{array} { l r } \text { Net Sales } & \$ 1,200,000 \\\text { Gross Profit on Sales } & 400,000 \\\text { Net Income Before Income Tax } & 66,000 \\\text { Income Tax Expense } & 21,000 \\\text { Net Income After Income Tax } & 45,500 \\\text { Total Assets } & \$ 800,000\end{array}$$ (1) Rate of return on net sales.
(2) Rate of return on total assets.
(3) Asset turnover.

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Definitions:

Psychoanalytic Theory

A comprehensive framework for understanding human behavior that emphasizes the role of unconscious processes and early childhood experiences.

Unconscious

Pertaining to the part of the mind that is inaccessible to the conscious mind but that affects behavior and emotions.

Looking-glass Self

A social psychological concept asserting that a person's self grows out of society's interpersonal interactions and the perceptions of others.

Symbolic Interactionism

A theory in sociology that emphasizes the role of symbols and language as core elements of all human interaction.