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(Solution document) The following are selected account balances for Charlie Company's operations for the FY ended December 31, 2016. (All balances are normal):


 

The following are selected account balances for Charlie Company's operations for the FY ended December 31, 2016. (All balances are normal):

Accounts

Amount

Net Sales

$100,500

Administrative Expenses

22,000

Selling Expenses

12,000

Cost of Goods Sold

46,000

Interest Expense

2,000

Income Tax Expense

1,000

Prepaid Expenses

$5,000

Interest Receivable

$1,000

What is the Net Profit on Sales ratio for the year 2016? (Enter the value as a percentage rounded to one decimal place. Example, 0.105134 would be entered as 10.5%)

 


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