Torsten had total assets of $149,501,000, net income of $6,242,000, and net sales of $209,203,000. Its profit margin was 2.98%.

Name: Torsten had total assets of $149,501,000, net income of $6,242,000, and net sales of $209,203,000. Its profit margin was 2.98%.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Profit margin = Net income / Net sales
Profit margin = $6,242,000 / $209,203,000
Profit margin = 0.0298 (converted to percentage = 2.98%)

Therefore, the statement "Its profit margin was 2.98%" is true based on the given information.

Torsten Had Total Assets of $149,501,000, Net Income of $6,242,000