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The 2023 annual report for Sarasota Industries Inc. contained the following information: Dec. 31, 2022...

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Accounting

The 2023 annual report for Sarasota Industries Inc. contained the following information:

Dec. 31, 2022 Dec. 31, 2023

Total assets $554,000 $604,000

Total liabilities 65,300 88,500

Net revenue 400,000 500,000

Net income 52,000 37,000

Calculate the profit margin on sales for 2023.

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