Question: Please explain the correct approach for solving this general accounting question. During 2022, Skyline Technologies reported the following: Net Sales: $30,000,000 Net Income: $1,800,000 Depreciation

Please explain the correct approach for solving this general accounting question.

During 2022, Skyline Technologies reported the following: Net Sales: $30,000,000 Net Income: $1,800,000 Depreciation Expense: $600,000 Beginning Total Assets: $12,000,000 Ending Total Assets: $20,000,000 - Property, Plant, and Equipment: $8,000,000 - Accumulated Depreciation: $2,000,000 What is Skyline Technologies' profit margin? a) 6.0% b) 5.2% c) 6.5% d) 7.0%

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