Question - The following are selected account balances for Charlie Company's operations for the FY ended December 31, 2016. (All balances are normal):
Accounts Amount
Net Sales $110,750
Administrative Expenses 22,000
Selling Expenses 12,000
Cost of Goods Sold 52,500
Interest Expense 2,000
Income Tax Expense 1,000
Prepaid Expenses $5,000
Interest Receivable $1,000
What is the Gross Profit Margin ratio for the year 2016?