Financial information is presented below: Operating expenses $38,000 Sales returns and allowances 8,000 Sales discounts 3,000 Sales revenue 150,000 Cost of goods sold 81,000 The gross profit rate would be

Financial information is presented below: Operating expenses $38,000 Sales returns and allowances 8,000 Sales discounts 3,000 Sales revenue 150,000 Cost of goods sold 81,000 The gross profit rate would be

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

Financial information is presented below:

Operating expenses

$38,000

Sales returns and

allowances

8,000

Sales discounts

3,000

Sales revenue

150,000

Cost of goods sold

81,000

The gross profit rate would be

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