Financial information for Horizon Company is presented below: Cost of goods sold $210,000 Operating expenses $45,000 Sales revenue $350,000 Sales returns $12,000 Sales discounts $8,000 The gross profit rate would be: A. 0.40 B. 0.38 C. 0.36.36 D. 0.43

Financial information for Horizon Company is presented below: Cost of goods sold $210,000 Operating expenses $45,000 Sales revenue $350,000 Sales returns $12,000 Sales discounts $8,000 The gross profit rate would be: A. 0.40 B. 0.38 C. 0.36.36 D. 0.43

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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Question

General accounting question

Financial information for Horizon Company is presented below:
Cost of goods sold $210,000 Operating expenses $45,000 Sales revenue
$350,000 Sales returns $12,000 Sales discounts $8,000
The gross profit rate would be:
A. 0.40
B. 0.38
C. 0.36.36
D. 0.43

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