Business, 10.12.2021 22:30 Mordred2143

The following is an income statement from the financial records of Peace, Love and Joy Company for the year ended December 31, 2015: Income Statement
Sales (net) $ 245,675
Cost of Goods Sold (67,500)
Gross Profit $ 178,175
Operating expenses (125,000)
Operating Income $ 53,175
Interest revenue 5,600
Interest expense (8,750)
Income before taxes $ 50,025
Income tax expense (15,008)
Net Income $ 35,017
Refer to Exhibit 5-2. Compute net profit margin for Peace, Love, and Joy Company.
a) 23.92%
b) 20.36%
c) 29.84%
d) 14.25%

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