Abbreviated versions of the financial statements for George Industries are presented below:

GEORGE INDUSTRIES

Statement of Income

For the Year Ended December $31,2020$

Sales........................................................................... $..................$ $$1,700,000$

Costs and expenses

Cost of goods sold............................................... $$1,140,000$

Operating expenses............................................. $.....364,800$

Interest expense.................................................. $...37,8001,542,600$

Income before income taxes...................................... $..................157,400$

Income tax expense............................................ $..................55,090$

Net income................................................................. $..................$ $ $102,310$

GEORGE INDUSTRIES

Statement of Financial Position

December $31,2020$

$20202019$

Total assets................................................................. $...$ $$842,110$ $$717,800$

Total liabilities.............................................................. $.....329,600279,600$

Total shareholders' equity........................................... $.....512,510438,200$

Calculate the Net profit margin ratio $($use up to $2$ decimal places and do not use a $\%$ sign$)$

Question $19$ options: