RECOMMENDED!!ACCT 220-The following are selected account balances for Charlie Company’s

  

The following are selected account balances for Charlie Company’s operations for the FY ended December 31, 2016. (All balances are normal):AccountsAmountNet Sales$100,500Administrative Expenses22,000Selling Expenses12,000Cost of Goods Sold46,000Interest Expense2,000Income Tax Expense1,000Prepaid Expenses$5,000Interest Receivable$1,000What is the Net Profit on Sales ratio for the year 2016? (Enter the value as a percentage rounded to one decimal place. Example, 0.105134 would be entered as 10.5%)

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