QUESTION 16 0.5 points Save Answer B and B Enterprises has sales of $489,700. Earnings before interest and taxes (EBIT) is equal to 16 percent of sales. For the period, the firm paid $5,200 in interest. The tax rate is 35 percent. What is the profit margin? (Hint: to correctly answer this question you must complete the Income Statement, starting with EBIT, to determine the Net Income). Partial Income Statement EBIT 16% of Sales = Less Interest Expense = Taxable Income = Less Taxes (35% tax rate) = Net Income Profit Margin