Halifax Company Had Net Income of $37,843 in Year 1

question 211

Essay

Halifax Company had net income of $37,843 in Year 1 and $43,876 in Year 2.Its net sales were $319,483 in Year 1 and $305,415 in Year 2.Its average total assets in Year 1 were $334,890 and $356,132 in Year 2.Calculate the profit margin,total asset turnover,and return on total assets for both years.Comment on the results.

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Definitions:

Urinary Bladder

An organ that receives urine from the ureters and temporarily stores it.

Smooth Muscle

A type of muscle tissue that is not under conscious control and is found in the walls of hollow organs like the intestines and blood vessels.

Proximal Convoluted Tubule

The part of the renal tubule that extends from Bowman’s capsule to the loop of Henle. Compare with distal convoluted tubule.

Partially Reabsorbed

The process by which a substance, once secreted or excreted, is taken back into the body or a biological system, often referring to fluids or nutrients.