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Question 39 The following information pertains to Waterway Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments $ 40000 22000 Accounts receivable (net) Inventory Property, plant and equipment (net) 16000 311000 Total Assets $389000 $ 51000 Liabilities and Stockholders' Equity. Current liabilities Long-term liabilities Stockholders' equity-common Total Liabilities and Stockholders' Equity 80000 258000 $389000 Income Statement $ 284000 68240 Sales (net) Cost of goods sold Gross profit Operating expenses Net income 215760 34000 $ 181760 Net income $ 181760 6000 Number of shares of common stock Market price of common stock Dividends per share $20 0.40 What is the profit margin for Waterway? 32% 119% 64% O 76%