Satelite Corporation projects a year-end net income of $64,497. The net income represents 31% of its projected annual sales. What are Satelite's projected annual sales?
64497 = .31 S
S = 64497 /.31
To find Satelite Corporation's projected annual sales, you can use the following steps:
Step 1: Determine the net income percentage. In this case, the net income is given as 31% of the projected annual sales.
Step 2: Set up the equation. Let's use 'X' to represent the projected annual sales.
Net income = Percentage of sales × Projected annual sales
$64,497 = 0.31 × X
Step 3: Solve the equation. To find the value of X, divide both sides of the equation by 0.31.
$64,497 ÷ 0.31 = X
Step 4: Calculate the result. Using a calculator:
$64,497 ÷ 0.31 ≈ $208,045.16
Therefore, Satelite Corporation's projected annual sales are approximately $208,045.16.