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You have just reviewed the financial statements of Penelope's Candy Store (PCS). You have determined...

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Accounting

You have just reviewed the financial statements of Penelope's Candy Store (PCS). You have determined that PCS has a Profit Margin of 19%. How do you explain this to owner Penelope Hassey?

1)For every $19 in sales, $100 ended up in Net Income.

2)For every $100 in sales, $19 ended up in Net Income.

3) 19% of Net Income was generated by Profit Margin.

4) 19% of sales were generated by Net Income.

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