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Use the following financial statement information as of the end of each year to answer this question.
Use the following financial statement information as of the end of each year to answer this question.
20172016Inventory$54,000$48,000 Current assets81,000106,000Total assets392,000336,000Current liabilities27,00036,000Total liabilities102,00088,000Total stockholders' equity290,000248,000Preferred stock10,00010,000Net sales784,000697,000Cost of goods sold306,000277,000Net income34,00090,000Tax expense22,00018,000Interest expense12,00012,000Dividends paid to preferred stockholders2,0002,000Dividends paid to common shareholders1,0001,000
Compute the profit margin for 2017.
8.4%
4.3%
11.7%
8.9%
