Multiple Choice
Given the following information for Mouse Inc. for the year 20X1:- Net Sales: \$500,000- Cost of Goods Sold: \$320,000- Operating Expenses: \$100,000- Interest Expense: \$10,000- Income Tax Expense: \$14,000Calculate Mouse Inc.'s profit margin for the year 20X1.Profit margin is calculated as:\[\text{Profit Margin} = \frac{\text{Net Income}}{\text{Net Sales}} \times 100\%\]
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