The balance sheet of Purdy's BBQ reports total assets of $800,000 and $900,000 at the beginning and end of the year, respectively

The balance sheet of Purdy's BBQ reports total assets of $800,000 and $900,000 at the beginning and end of the year, respectively. Net income and sales for the year are $85,000 and $1,700,000, respectively.
What is Purdy's profit margin?

A) 5%.

B) 10%.

C) 20%.

D) 50%.

Answer: A

The balance sheet of Purdy's BBQ reports total assets of $800,000 and $900,000 at the beginning and end of the year, respectively. Net income and sales for the year are $85,000 and $1,700,000, respectively.
What is Purdy's asset turnover?

A) 0.5 times.

B) 20.0 times.

C) 10.0 times.

D) 2.0 times.

Answer: D