Homework Help is Here – Start Your Trial Now!
Business
Accounting
A company reports the following balances: Sales Revenue $ 1,000,000 Sales Returns and Allowances $ 120,000 Sales Discounts $ 50,000 Cost of Goods Sold $ 600,000 What is the gross profit rate? a. 38% b. 42% c. 45% d. 50%

A company reports the following balances: Sales Revenue $ 1,000,000 Sales Returns and Allowances $ 120,000 Sales Discounts $ 50,000 Cost of Goods Sold $ 600,000 What is the gross profit rate? a. 38% b. 42% c. 45% d. 50%

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...
See similar textbooks
icon
Related questions
Question

need true answer : General accounting question

A company reports the following balances: Sales Revenue $ 1,000,000 Sales Returns and Allowances $ 120,000 Sales Discounts $ 50,000 Cost of Goods Sold $ 600,000 What is the gross profit rate? a. 38% b. 42% c. 45% d. 50%
Transcribed Image Text:A company reports the following balances: Sales Revenue $ 1,000,000 Sales Returns and Allowances $ 120,000 Sales Discounts $ 50,000 Cost of Goods Sold $ 600,000 What is the gross profit rate? a. 38% b. 42% c. 45% d. 50%
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Managerial Accounting: The Cornerstone of Busines…
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
SEE MORE TEXTBOOKS