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The account balances for Premera Blue Cross are listed below. All balances are as of December 31, 2023, except where noted otherwise.
| Accounts Payable | $7,700 | Rent Expense | $8,400 |
| Accounts Receivable | 13,400 | Equipment | 115,500 |
| Wages Payable | 3,600 | Furniture | 30,800 |
| Prepaid Expenses | 1,700 | Notes Payable (due 12/31/25) | 49,000 |
| Dividends | 2,800 | Accumulated Depreciation | 14,630 |
| Sales Revenue | 153,650 | Cash | 36,400 |
| Notes Payable (due 4/30/24) | 1,400 | Common Stock | 28,000 |
| Cost of Goods Sold | 58,100 | Goodwill | 70,000 |
| Loss on Sale of Equipment | 4,900 | Retained Earnings (1/1/23) | 19,810 |
| Inventory | 13,300 | Marketable Equity Securities | 600 |
| Advertising Expense | 4,200 | Depreciation Expense | 14,630 |
| Insurance Expense | 2,800 | Unearned Revenue | 5,900 |
Determine the Profit Margin for 2023:
Select one:
a. 58.33%
b. 39.45%
c. 25.00%
d. 40.19%
e. 42.64%
Answer & Explanation
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