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The Following Financial Information Was Taken from a Unit Sales

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The following financial information was taken from a Unit Sales Inc.'s accounting records on December 31, 2013. Use this information to determine the items below.  Net Sales $1,200,000 Gross Profit on Sales 400,000 Net Income Before Income Tax 66,000 Income Tax Expense 21,000 Net Income After Income Tax 45,500 Total Assets $800,000\begin{array} { l r } \text { Net Sales } & \$ 1,200,000 \\\text { Gross Profit on Sales } & 400,000 \\\text { Net Income Before Income Tax } & 66,000 \\\text { Income Tax Expense } & 21,000 \\\text { Net Income After Income Tax } & 45,500 \\\text { Total Assets } & \$ 800,000\end{array} (1) Rate of return on net sales.
(2) Rate of return on total assets.
(3) Asset turnover.

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1. 5.50%; ...

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