I need answer of this question accounting A company shows the following balances:Sales Revenue $1,000,000Sales Returns and Allowances 175,000Sales Discounts 25,000Cost of Goods Sold 560,000What is the gross profit rate?a. 56%b. 70%c. 44%d. 30%

Step 1: Define Gross Profit RateThe gross profit rate is the gross profit of a business expressed as…

Answered: A company shows the following balances:…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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A company shows the following balances: Sales $1,000,000 225,000 25,000 600,000 13 Sales Returns and Allowances Sales Discounts Cost of Goods Sold What is the gross profit rate? a. 60% b. 80% c. 40% d. 20% Explore
A company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%
can you please solve it
Financial Accounting
A company shows the following balances: $2,500,000 Sales Revenue Sales Returns and 450,000 Allowances Sales Discounts 50,000 Cost of Goods Sold 1,400,000 What is the gross profit percentage? a) 44% O b) 56% c) 70% d) 30%
A company shows the following balances: Sales Revenue Cost of Goods Sold Sales Returns and Allowances Sales Discounts Operating Expenses What is the gross profit? $230,000 $440,000 $240,000 O $140,000 $1,000,000 $560,000 $180,000 $20,000 $100,000

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A company shows the following balances: Sales Revenue $1,000,000 Sales Returns and Allowances 175,000 Sales Discounts 25,000 Cost of Goods Sold 560,000 What is the gross profit rate? a. 56% b. 70% c. 44% d. 30%