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Neef Corporation has provided the following financial data from its balance sheet and income ...

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Neef Corporation has provided the following financial data from its balance sheet and income ...

Neef Corporation has provided the following financial data from its balance sheet and income statement:

	Year 2	Year 1
Total assets	$ 1,302,000	$ 1,330,000
Total stockholders' equity	$ 885,000	$ 880,000

Income Statement
For the Year Ended December 31, Year 2
Sales (all on account)	$ 1,420,000
Cost of goods sold	890,000
Gross margin	530,000
Operating expenses	493,000
Net operating income	37,000
Interest expense	17,000
Net income before taxes	20,000
Income taxes (35%)	7,000
Net income	$ 13,000

The company’s net profit margin percentage for Year 2 is closest to:

▸ 37.3%

▸ 2.6%

▸ 1.4%

▸ 0.9%

Textbook

Introduction to Managerial Accounting: Brewer Edition: 9e

Edition: 9^th

Authors: Brewer, Garrison, Noreen

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