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 $100,500
Administrative Expenses 22,000
Selling Expenses 12,000
Cost of Goods Sold 46,000
Interest Expense 2,000
Income Tax Expense 1,000
Prepaid Expenses $5,000
Interest Receivable $1,000
What is the Net Profit on Sales ratio for the year 2016?