Locate the formula in the textbook and calculate the $2022$ Profit Margin Ratio $($Profitability$).$ Fill in the numerator and denominator using the financial statements provided $($no symbols or commas$)$ and the answer should be in a XX$.$XX$\%$ format: Blank $1$; $-$: Blank $2$; $=$ Blank $3\%$

Directions: The condensed financial statements of Northside Medical Supplies for the year $2022$ are presented in this worksheet with amounts in thousands of dollars. Use the information in this worksheet to complete Wk $4$ Practice.

Northside Medical Balance Sheet December $31,$ Table $1$: A$2-$C$19$

$20222021$

Current Assets

Cash and cash equivalents $330360$

Accounts receivable $($net$)470400$

Inventory $460390$

Prepaid expenses $120160$

Total current assets $1,3801,310$

Investments $1010$

Property, plant, and equipment $420380$

Intangibles and other assets $530510$

Total assets $2,3402210$

Current liabilities $900790$

Long$-$term liabilities $410380$

Stockholder's equity $-$ common $1,0301,040$

Total liabilities and stockholder's equity $2,3402,210$

Income Statement For the Years Ended December $31,$ Table $2$: A$21-$C$33$

$20222021$

Sales Revenue $3,8003,460$

Costs and expenses

Cost of goods sold $955890$

Selling and Administrative expenses $2,4002,330$

Interest expense $2520$

Total costs and expenses $3,3803,240$

Income before income taxes $420220$

Income tax expense $12666$

Net Income $294154$