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Question: The 2016 income statement for TV Stores, LLC reported sales revenue of $230,000 and net income of $90,000. Average total assets for 2016 was $500,000. Shareholders equity at the beginning of the year was $300,000 and $30,000 was paid to shareholders as dividends. There were no other shareholders' equity transactions that occurred during the year. Calculate the following:

(a) Profit margin on sales

(b) Return on assets

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M92715036

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