The Carlo Company’s Household Products Division reported in 2007 sales of P15,000,000, an asset turnover ratio of 3.0, and a rate of return on average assets of 18 percent. Question: What is the percentage of net income to sales?

The Carlo Company’s Household Products Division reported in 2007 sales of P15,000,000, an asset turnover ratio of 3.0, and a rate of return on average assets of 18 percent. Question: What is the percentage of net income to sales?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: 2. The accountant of Swift Inc. was preparing for the audit of its financial statements for the year…

A: Depreciation is a fixed expense on the capital asset that means the reduction in the value of an…

Q: Harper Industries has $700 million of common equity on its balance sheet; its stock price is $32 per…

A: Introduction:- Share defined as amount of equity ownership in a corporation. Basic earnings per…

Q: Because Natalie has had such a successful first few months, she is considering other opportunities…

A: A journal entry is a form of accounting entry that is used to report a business transaction in a…

Q: ons. If Requirements Prepare the following financial statements (with proper headings) for 2021: 1.…

A: Financial statements The accounting reports that are prepared by every public company at the closing…

Q: 4. The accounting double entry is used ABCD с increased security for keeping information in…

A: Correct answer is D The double entry accounting means giving effect to the two account , one the…

Q: Coronado Company purchases equipment on January 1, Year 1, at a cost of $540,000. The asset is…

A: The Straight Line method determines an annual depreciation of a predetermined amount. With the…

Q: have a net loss of -71850, and my capital at the beginning of the year was 1,100,550 complete the…

A: The income summary account represents the net loss or revenue after closing all the revenue and…

Q: Required information [The following information applies to the questions displayed below.] Tamar…

A: The primary document used by management to comprehend the actions of a department is a production…

Q: Sabel Co. purchased assembly equipment for $608,000 on January 1, Year 1. The equipment is expected…

A: Depreciation is the demunition [reduction] in the value of an asset on account of…

Q: The expected profit from a sales type warranty all be recognized in the period the warranty is sold.…

A: Some basic concepts: Warranty means the guarantee which a seller of goods provide to the buyer…

Q: The cost of new non-current assets is a cash payment not an expense in the statement of profit or…

A: Non-current assets: The assets purchased for the use in business for the long-term or for the period…

Q: Shadee Corporation expects to sell 630 sun shades in May and 350 in June. Each shade sells for $152.…

A: The cost of goods sold consists only of direct costs. The cost of goods sold does not include…

Q: Wages and salaries Rent income Additional information: (extract) "The long-term mortgage loan was…

A: Accrued Interest Interest on investments or loans that has accrued but has not yet been paid or…

Q: Luanna Inc. manufactures game consoles. Some of the company's data was misplaced. Use the following…

A: Fixed costs are costs which do not change with change in level of sales. Variable costs changes with…

Q: Falk Inc. has a machine with a book value of $50,000 and a five-year remaining life. A new machine…

A: Continue or replace is one of the decision making analysis that is used by the cost and management…

Q: What are the equivalent units for material and conversion costs for each quarter using the…

A: Equivalent units is calculated by using weighted average method by blending together the units and…

Q: . Responsible for accounting in the company is A B с D Company owner or company manage Chief…

A: Accounting is the process of identifying financial transactions, measuring them in monetary term and…

Q: Based on the preceding spreadsheet, prepare an income statement for Bamboo Consulting.

A: Income statement is a financial statement that shows net income (loss) of a business for a specific…

Q: Martinez Inc. had the following balance sheet at December 31, 2024. Cash Accounts receivable…

A: Formula : Current cash debt coverage ratio = Net cash provided by operating activities / Average…

Q: Which of the following is an advantage of a restricted-stock plan? A.The stock never becomes…

A: Stock refers to the equity or shares issued by the organization in the stock market with main…

Q: Segment A generated sales revenues of 400,000 and variable operating expenses of 180,000. Its…

A: Variable costs are those costs which changes along with change in activity level. Fixed costs do not…

Q: Required information [The following information applies to the questions displayed below.] Tent…

A: Product costs are the costs that are incurred which are related to the product i.e, raw material…

Q: An improvement in the proportion of a company's assets that are financed with debt would be shown…

A: Current ratio = Current assets / Current liabilities Debt ratio = Total Debt / Total Assets

Q: For Adams Company, the predetermined overhead rate is 70% of direct labor cost. During the month,…

A: ANSWER Herein this case the question is asked to find the amount of overhead should be debited to…

Q: Suppose that Congress sets the top personal tax rate on interest and dividends at 35% and the top…

A: Tax rate Tax rate is defined as the rate at which a taxpayer's tax obligation is determined. This…

Q: 3. Bob is self-employed and he uses his automobile for business. He drove his car 10,000 miles in…

A: An auto deduction is a tax deduction that can be claimed by a taxpayer for expenses related to the…

Q: 6. On May 1, 2025, Cullumber Company enters into a contract to transfer a product to Gary Company on…

A: Hi student Since there are multiple questions, we will answer only first question. Deferred revenue…

Q: The accountant of Swift Inc. was preparing for the audit of its financial statements for the year…

A: Change in Accounting Estimate: A change that affects the subsequent accounting for current or future…

Q: Shadee Corporation expects to sell 540 sun shades in May and 310 in June. Each shade sells for $166.…

A: The budgeted income statement is prepared with the help of other budgets such as cost of goods sold…

Q: What are total liabilities at the end of the first year?

A: Solution Answer is $84000 Balance sheet…

Q: On April 1, 2014, the company incurred capital cost of $100 million in respect of the mine and it is…

A: April 1 Capital Expenditure A/c Dr...... 100 To Bank Capital Expenditure A/c Dr- 14 To…

Q: Presented below are a number of balance sheet items for Marin, Inc. for the current year, 2025. $…

A: The balance is very important the balance sheet is prepared after the accounting period to show the…

Q: In a classroom discussion of the display, in a consolidated balance sheet, of the minority interest…

A: I would support the position of student Ross, which suggests that minority interest of preferred…

Q: Hitzu Co. sold a copier (that costs $6,500) for $13,000 cash with a two-year parts warranty to a…

A: Warranty liability is a type of liability account that shows the expected value for the replacement…

Q: Pureform, Incorporated, uses the FIFO method in its process costing system. It manufactures a…

A: Equivalent Units using FIFO Method:— Under this method, equivalent units is calculated by adding…

Q: Prepare a schedule of cost of goods manufactured for the year ended December 31, 2021, clearly…

A: To draft the schedule of Cost of Goods Manufactured, Let's determine the portion of overhead costs…

Q: Create an amortization schedule for the following situation: T buys a new car for $24,000 with…

A: The Rate is 6% compounded monthly. Principal value / Present value = $24000 - $2400 = $21600 Number…

Q: You have been hired by J. Smith, a successful entrepreneur, to assist in analyz- ing the balance…

A: Change in cash = Cash balance at the end - Cash balance at the beginning Current assets = Cash +…

Q: a. The details of Prepaid Insurance are as follows: Prepaid Insurance Jan 2,800 Mar 31 3,000 Greens…

A: Adjusting entries are those which are reported at the end of the period to adjust the prepayments…

Q: Required information Problem 5-2AA (Static) Periodic: Alternative cost flows LO P3 [The following…

A: Inventory can be valued using various methods -First-in First-Out Method - Under the First-in…

Q: On January 1, 2023, Fontaine Corporation issued an $800,000 notes payable to Allegheny State Bank.…

A: In a financial context, a swap benefit refers to the financial advantage or cost savings that a…

Q: Item Inventory Accounts Receivable Accounts Payable Beginning $10,583 $5,130 $7,205 Input Area:…

A: Operating cycle means total of days sales outstanding and days sales in inventory. Cash cycle means…

Q: Journalize the closing entries and balance off the ledger accounts including the income summary…

A: Closing Entries: A closing entry is made to transfer funds from a temporary account to a permanent…

Q: Western Entertainment is considering issuing bonds to finance its business expansion. The company…

A: Bond issuance is one option for companies to raise capital. Via bonds, a corporation and an investor…

Q: Part 2 The Wizz Electronics sells a variety of electronic devices including a variety of WIFI SMART…

A: A perpetual inventory system is a kind of program that continuously estimates the inventory (stock)…

Q: Shadee Corporation expects to sell 540 sun shades in May and 410 in June. Each shade sells for $168.…

A: The budgeted income statement has every line category seen in a conventional income statement, but…

Q: Jul 6 Jul 9 Jul 12 Jul 15 Jul 15-31 Jul 15-31 Jul 31 Jul 31 Jul 31 Favata invested $139,000 in the…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Q: Honey Crunch Limited started business in 2018. It is now 2021 and the Board of Directors of Honey…

A: Audit Process: The process of checking the financial statements of the business organizations to…

Q: Melville Corporation provided the following partial-trial balance for the current year Prepare…

A: Single-step income statement The single-step income statement simplifies…

Q: Sandhill Corp. reported the following amounts in the shareholders' equity section of its December…

A: Journal entries are the primary reporting of the business transactions in the books of accounts.…

Question

The Carlo Company’s Household Products Division reported in 2007 sales of P15,000,000, an asset turnover ratio of 3.0, and a rate of return on average assets of 18 percent.

Question: What is the percentage of net income to sales?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Scranton Paper Company generates $.97 in sales for every $1 invested in total assets. Which one of the following ratios would reflect this relationship? Multiple Choice Receivables turnover Equity multiplier Profit margin Return on assets
Lions Corp's sales last year were $27,000, and its total assets were $16,000. What was its total assets turnover ratio (TATO)?
What are the annual sales for a firm with $116,044 in total liabilities, a total debt ratio of 0.48, and an asset turnover of 4.75?
Damietta Furniture Corporation has a net profit margin of 15% and a total asset turnover of 1.7. What is Damietta Furniture's return on total assets (ROA)? Select one: O a. 11.1% O b. 12.3% c. 8.8% O d. 25.5%
(Profitability analysis) Last year Triangular Resources earned $4.6 million in net operating income and had an operating profit margin of 19.7 percent. If the firm's total asset turnover ratio was 1.56, what was the firm's investment in total assets? The company's total assets are $ million. (Round to one decimal place.)
What are the annual sales for a firm with $805,853 in total liabilities, a total debt ratio of 0.84, and an asset turnover of 1.5? Numeric Response
XTY Company has total assets turnover ratio of 1.90 and a return on total assets of 7.20%. What is the firm’s net profit margin?
Crane reported the following information for its fiscal year end: On net sales of $ 53.000 billion, the company earned net income after taxes of $ 7.155 billion. It had a cost of goods sold of $ 21.465 billion and EBIT of $ 9.275 billion. What are the company’s gross profit margin, operating profit margin, and net profit margin? (Round answers to 1 decimal place, e.g.12.5%.) Gross profit margin % Operating profit margin % Net profit margin %
At the end of the year, Universal Utilities (UU) had $1.5 million in total assets. Its total assets turnover was 1.4, and its return on assets (ROA) was 7.14 percent. What were UU's sales revenues and net profit margin?
Last year, Genten Company had sales of $7465 million. If Genten’s net profit margin was 0.41 and its return on assets was 0.37, what was Genten’s total assets?
Highly Suspect Corp. has current liabilities of $409,000, a quick ratio of 1.40, inventory turnover of 4.00, and a current ratio of 3.50. What is the cost of goods sold for the company?
Last year, Triangular Resources earned $4.6 million in net operating income and had an operating profit margin of 20.5 percent. If the firm’s total asset turnover ratio was 1.53, what was the firm’s investment in total assets?