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At the end of the year, Wrinkle Free Laundry (WFL) had $250,000 in total assets. a) If WFL's total assets turnover was 2.0, what were its sales revenue? b) If WFL's return on assets was 6 percent, what were its net income and net profit margin?

At the end of the year, Wrinkle Free Laundry (WFL) had $250,000 in total assets. a) If WFL's total assets turnover was 2.0, what were its sales revenue? b) If WFL's return on assets was 6 percent, what were its net income and net profit margin?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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At the end of the year, Wrinkle Free Laundry (WFL) had $250,000 in total assets. a) If WFL's total assets turnover was 2.0, what were its sales revenue? b) If WFL's return on assets was 6 percent, what were its net income and net profit margin?
Transcribed Image Text:At the end of the year, Wrinkle Free Laundry (WFL) had $250,000 in total assets. a) If WFL's total assets turnover was 2.0, what were its sales revenue? b) If WFL's return on assets was 6 percent, what were its net income and net profit margin?
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