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Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet Dec. 31, Year 7 Dec. 31, Year 6 Current Assets Cash and

Selected financial data for Wilmington Corporation is presented below.

WILMINGTON CORPORATION
Balance Sheet
Dec. 31, Year 7 Dec. 31, Year 6
Current Assets
Cash and cash equivalents $576,843 $305,088
Marketable securities 166,106 187,064
Accounts receivable (net) 258,387 289,100
Inventories 424,493 391,135
Prepaid expenses 55,369 25,509
Other current assets 83,053 85,029
Total Current Assets 1,564,251 1,282,925
Property, plant and equipment 1,384,217 625,421
Long-term investment 568,003 425,000
Total Assets $3,516,471 $2,333,346
Current Liabilities
Short-term borrowings $306,376 $170,419
Current portion of long-term debt 155,000 168,000
Accounts payable 254,111 286,257
Accrued liabilities 273,658 166,983
Income taxes payable 97,735 178,911
Total Current Liabilities 1,086,880 970,570
Long-term debt 500,000 300,000
Deferred income taxes 215,017 262,404
Total Liabilities 1,801,897 1,532,974
Common stock $425,250 $125,000
Additional paid-in capital 356,450 344,335
Retained earnings 932,874 331,037
Total Stockholders' Equity 1,714,574 800,372
Total Liabilities and Stockholders' Equity $3,516,471 $2,333,346

Selected Income Statement Data for the year ending December 31, Year 7
Net sales $4,885,340
Cost of goods sold (2,942,353)
Selling expenses (884,685)
Operating income 1,058,302
Interest expense (55,240)
Earnings before income taxes 1,003,062
Income tax expense (401,225)
Net income $601,837

Selected Statement of Cash Flow Data for the year ending December 31, Year 7
Cash flows from operations $1,456,084
Capital expenditures $745,862

Required What was Wilmington Corporations net operating profit margin (NOPM) in Year 7? Assume a statutory tax rate of 37%.

Select one:

a. 13.9%

b. 30.3%

c. 13.0%

d. 29.2%

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