Use the following information to answer QS 17-17 to QS 17-22. Flip to It Corp. Comparative Balance Sheet Information November 30 (millions of S) Cash Accounts receivable (net). Inventory Prepaid rent www*** Plant and equipment (net) Accounts payable... Accrued liabilities 164771 Income tax payable Preferred shares Common shares Retained earnings 2017 46 BO There were 1 milion $5. non-cumulative preferred There were 25 million common shares issued a There are no dividends in arrears. Dividends totalling Sea 2016 1320 TOON 250 Flip to It Corp. Income Statement For Year Ended November 30, 2017 (millions of $) Net sales Cost of goods sold Gross profit.. Operating expenses: Depreciation expense Other expenses Total operating expenses. Profit from operations Income tax expense $ 20 200 nd outstanding, no new sholes were issued during 2016 ar 2017. new shares were issilec zring 2016 or 2017 were declared and paid during 2017 $500 190 $310 818181 220 $ 90

Use the following information to answer QS 17-17 to QS 17-22. Calculate the profit margin for 2017 and evaluate the result against the industry average in Exhibit 17.11, explaining why it compares favourably or unfavourably (round to two decimal places). QS 171 Crons pront ratio kow QS 1721 Book value per common share Lpes