Achieve's Companies, a home improvement store chain, reported the following summarized figures: (Click the icon to view the balance sheets.) (Click the icon to view the income statement.) Achieve's has 50,000 common shares outstanding during 2024 Read the requirements Requirement 1. Compute the profit margin ratio for Achieve's Companies for 2024 Begin by selecting the formula to calculate Achieve's Companies' profit margin ratio. Then enter the amounts and calculate the profit margin ratio for 2024 (Round your answer to one tenth of a percent, XX%) ator Ask my instructor Profit margin ratio Clear all Check answer NP4 11:47 AM 4/9/28123 s, a home improvement store chain, reported the following summarized figures: view the income statement.) (Click the icon to view the balance sheets.) 0 common shares outstanding during 2024 nts. Income Statement Achieve's Companies Income Statement Years Ended May 31, 2024 and 2023 2024 2023 Net Sales Revenue $ 46,500 $ 44,700 Cost of Goods Sold 23,300 24,900 Interest Expense 500 280 All Other Expenses 6,700 8,400 $ 16,000 $ 11,120 Net Income Print Done -X Icula tio Balance Sheets Achieve's Companies Balance Sheet May 31, 2024 and 2023 13 - X io fo Assets Liabilities 2024 2023 2024 2023 Cash $ 2,500 $ Short-term Investments 26,000 1,200 Total Current Liabilities 12,000 Long-term Liabilities $ 25,000 $ 13,300 12,600 10,100 Accounts Receivable 7,100 5,600 Total Liabilities 37,600 23,400 Merchandise Inventory 7,100 8,200 Stockholders' Equity Other Current Assets 7,000 1,700 Common Stock 13,000 13,000 Total Current Assets 49.700 28.700 Retained Earnings 33,100 20,300 u All Other Assets 34,000 28,000 Total Equity 46,100 33,300 r all $ 83,700 $ 56,700 $ 83,700 $ 56,700 Print Done