Plano Corporation reported net income $24,000;

of analysis? net sales $400,000; and average assets $600,000 for 2007. What is the 2007 profit margin ratio?

Amount Percent

(a) 6%.

Current assets $200,000 25%

(b) 12%.

Property, plant,

(c) 40%.

and equipment 600,000 75%

(d) 200%.

Total assets $800,000