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Bethlehem Corporation had $1,096,000 in sales which resulted in operating income of $75,624. On January 1, Bethlehem reported $852,600 in assets. Because of a downturn in the economy, Bethlehem sold several assets during the year. Its December 31 balance sheet reported only $553,600 in assets. Warning
(a) Calculate Bethlehem's margin. (Round answer to 1 decimal place, e.g. 1.6%.)
If you were given complete authority in the matter, how would you propose that accounting principles or standards should be developed and enforced?
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