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Excerpts from Nationwide Company's December 31, 2024 and 2023, financial statements are presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity 2024 $80,000 2023 $72,000 84,000 70,000 400,000 372,000 254,000 216,000 850,000 810,000 500,000 75,000 450,000 56,000 Net income What is the gross profit ratio for 2024? (Round your answer to one decimal place.) Multiple Choice 57.5%. о 63.5%. 1

Excerpts from Nationwide Company's December 31, 2024 and 2023, financial statements are presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity 2024 $80,000 2023 $72,000 84,000 70,000 400,000 372,000 254,000 216,000 850,000 810,000 500,000 75,000 450,000 56,000 Net income What is the gross profit ratio for 2024? (Round your answer to one decimal place.) Multiple Choice 57.5%. о 63.5%. 1

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Excerpts from Nationwide Company's December 31, 2024 and 2023, financial statements are presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity 2024 $80,000 2023 $72,000 84,000 70,000 400,000 372,000 254,000 216,000 850,000 810,000 500,000 75,000 450,000 56,000 Net income What is the gross profit ratio for 2024? (Round your answer to one decimal place.) Multiple Choice 57.5%. о 63.5%. 1
Transcribed Image Text:Excerpts from Nationwide Company's December 31, 2024 and 2023, financial statements are presented below: Accounts receivable Inventory Net sales Cost of goods sold Total assets Total stockholders' equity 2024 $80,000 2023 $72,000 84,000 70,000 400,000 372,000 254,000 216,000 850,000 810,000 500,000 75,000 450,000 56,000 Net income What is the gross profit ratio for 2024? (Round your answer to one decimal place.) Multiple Choice 57.5%. о 63.5%. 1
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