Which of the following companies has the highest effective tax rate ? You can assume they all had similar levels of interest expense and non-operating gains and losses. ( hint: do not try to calculate the effective tax rate; just focus on the profitability ratios that combine to yield return on sales )

Comp ROS gross margin SG&A operating

exp to sales margin

Puppy 0.066 0.530 0.393 0.106

Dog 0.065 0.347 0.212 0.109

Hold 0.066 0.343 0.215 0.117

Corp 0.065 0.384 0.259 0.101

Paw 0.065 0.329 0.209 0.101