A company shows the following balances. Sales = = $1,000,000 Sales Returns and Allowances = $180,000 Sales Discounts = $20,000 Cost of Goods Sold = $560,000 What is the gross profit percentage? a. 44 percent b. 70 percent c. 30 percent d. 56 percent

A company shows the following balances. Sales = = $1,000,000 Sales Returns and Allowances = $180,000 Sales Discounts = $20,000 Cost of Goods Sold = $560,000 What is the gross profit percentage? a. 44 percent b. 70 percent c. 30 percent d. 56 percent

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...

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A company shows the following balances.
Sales = = $1,000,000
Sales Returns and Allowances = $180,000
Sales Discounts = $20,000
Cost of Goods Sold = $560,000
What is the gross profit percentage?
a. 44 percent
b. 70 percent
c. 30 percent
d. 56 percent

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