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Multiple Enterprises, Inc.

Selected figures from the Balance Sheet and Income Statement of Multiple Enterprises, Inc. are shown below. (Compute answer accurate to two decimal places.)

From the Balance Sheet			From the Income Statement
Cash	$   514,800		Net Sales	$1,900,000
Accounts Receivable	$   324,000		Cost of Goods Sold	$   796,000
Merchandise Inventory:			Net Income	$   240,000
End of this year	$   498,000
End of last year	$   432,000
Total Current Assets	$1,336,800
Total Current Liabilities	$   269,200
Total Stockholders' Equity	$1,292,800

Refer to Multiple Enterprises, Inc. Compute the relationship of net income to net sales. Express your answer as a percentage.

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