The following is an income statement for January $20$xx$,$ of Sample Caf$.$ Use this information to answer the questions for the remainder of the assignment.

Account

Balance

Revenues

$$24,000$

Cost of Goods Sold

$$3,000$

Gross Margin or Gross Profit

$$21,000$

Expenses:

Salaries and Wages

$$17,000$

Rent and Utilities

$$2,000$

Advertising

$$2,000$

Insurance

$$50$

Equipment Depreciation

$$300$

Interest

$$200$

Total Expenses

$$21,550$

Net Income

$$-550$

Use the Income Statement to answer the following question:

QUESTION $5$

What is the Net Income as a percent of revenue?

Answer

$-2\mathrm{.}3$

$$

$$

$\%$