Table 3 Snark Enterprises, Inc Balance Sheets 2011 Cash $1,000 Accounts receivable 8,000 Inventories 4,000 Land 10,000 Other fixed assets 5,000 Accumulated de preciation (1,600 Total assets $26,400 Accounts payable $4,200 Bonds 4,000 Common stock 15,000 Retained eamings 3,200 Total debt and equity $26.400 2012 $? 9,000 7,000 10,000 5,500 (2,000) $? $7,000 4,000 16,000 3,800 $? Snark Enterprises, Inc Income Statement Sales $44,900 Cost of goods sold (22.000 Gross profit $12,900 Operating expenses (10,000) Depreciation (400) EBIT $2,500 Interest expense (500) EBT $2,000 Taxes (1.000) Net Income $1,000 Based on the information contained in Table 3, what is Snark Enterprise's Select one Snark Enterprises, Inc Income Statement Sales $44,900 Cost of goods sold (22.000 Gross profit $12.900 Operating expenses (10,000) Deprecation (400) $2,500 Interest expense (500) $2,000 Taxes (1.000 Net Income $1,000 EBIT EBT Based on the information contained in Table 3, what is Snark Enterprise's gross profit margin in 2012. Select one: a. 29.7% b. 5.6% C. 4.5% d. 2.2% Next pa page 5 Y E E R