The following financial statement information is available for James Corporation: 2017 2016 Net sales $ 780 , 000 $ 697 , 000 Cost of goods sold 406 , 000 377 , 000 Net income 120 , 000 80 , 000 Tax expense 48 , 000 29 , 000 Interest expense 14 , 000 14 , 000 \begin{array}{lrr} & 2017 & 2016\ ext { Net sales } & \$ 780,000 & \$ 697,000 \ ext { Cost of goods sold } & 406,000 & 377,000 \ ext { Net income } & 120,000 & 80,000 \ ext { Tax expense } & 48,000 & 29,000 \ ext { Interest expense } & 14,000 & 14,000\end{array} Net sales Cost of goods sold Net income Tax expense Interest expense 2017 $780 , 000 406 , 000 120 , 000 48 , 000 14 , 000 2016 $697 , 000 377 , 000 80 , 000 29 , 000 14 , 000 The profit margin ratio for 2017 isA) 15.4%.B) 47.9%.C) 32.1%.D) 13.5%.

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The following financial statement information is available for James Corporation:   2017 2016  Net sales  $ 780 , 000 $ 697 , 000  Cost of goods sold  406 , 000 377 , 000  Net income  120 , 000 80 , 000  Tax expense  48 , 000 29 , 000  Interest expense  14 , 000 14 , 000 \begin{array}{lrr} & 2017 & 2016\	ext { Net sales }  &  \$ 780,000  &  \$ 697,000 \	ext { Cost of goods sold }  &  406,000  &  377,000 \	ext { Net income }  &  120,000  &  80,000 \	ext { Tax expense }  &  48,000  &  29,000 \	ext { Interest expense }  &  14,000  &  14,000\end{array}  Net sales   Cost of goods sold   Net income   Tax expense   Interest expense  ​ 2017 $780 , 000 406 , 000 120 , 000 48 , 000 14 , 000 ​ 2016 $697 , 000 377 , 000 80 , 000 29 , 000 14 , 000 ​   The profit margin ratio for 2017 isA)  15.4%.B)  47.9%.C)  32.1%.D)  13.5%.

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