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Question
Rappaport Corp.'s sales last year were $320,000, and its net income after taxes was $23,000. What was its profit margin on sales?a. 6.49%
b. 6.83%
c. 7.19%
d. 7.55%
e. 7.92%
Answer
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Which of the following is not correct for a firm with seasonal sales and customers who all pay promptly at the end of 30 days?
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b. False