Practice Question 44 Use the following financial statement information as of the end of each year to answer this question. Inventory Current assets Total assets Current liabilities Total liabilities Total stockholders' equity Preferred stock Net sales Cost of goods sold Net income Tax expense Interest expense Dividends paid to preferred stockholders Dividends paid to common shareholders Compute the profit margin for 2017. 2017 2016 $54,000 $48,000 81,000 106,000 392,000 336,000 27,000 36,000 102,000 88,000 290,000 248,000 10,000 10,000 784,000 697,000 306,000 277,000 34,000 90,000 22,000 18,000 12,000 12,000 2,000 2,000 1,000 1,000 0 11.7% 4.3% 0 0 8.4% 0 8.9%