Using the data below, compute lan's return on sales ratio for the month of January.Net Sales$12,000Cost of goods sold3,000Operating expenses7,000Other income500Income tax expense1,000Round answer to the nearest whole percentage.

Return on sales ratio: The ratio which evaluates the amount of net income earned for every dollar of…

Answered: Using the data below, compute lan's…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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Using the data below, compute lan's return on sales ratio for the month of January. Net Sales $12,000 Cost of goods sold 3,000 Operating expenses 7,000 Other income 500 Income tax expense 1,000 Round answer to the nearest whole percentage.