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Refer to the following selected financial information from Gomez Electronics. Compute the companys profit margin...

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Accounting

Refer to the following selected financial information from Gomez Electronics. Compute the companys profit margin for Year 2.

Year 2 Year 1
Net sales $ 482,000 $ 426,950
Cost of goods sold 277,000 250,820
Interest expense 10,400 11,400
Net income before tax 67,950 53,380
Net income after tax 46,750 40,600
Total assets 318,500 292,200
Total liabilities 177,900 168,000
Total equity 140,600 124,200

Multiple Choice

  • 33.2%.

  • 11.9%.

  • 9.7%.

  • 16.9%.

  • 14.1%.

Answer & Explanation Solved by verified expert
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