Given below are account balances for Charlie Company: Gross sales $92,000 Sales returns and allowances $6,000 Selling expenses $12,000 Cost of goods sold $44,000 Interest expense $3,000 How much is the gross profit margin?
Given below are account balances for Charlie Company: Gross sales $92,000 Sales returns and allowances $6,000 Selling expenses $12,000 Cost of goods sold $44,000 Interest expense $3,000 How much is the gross profit margin?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Given below are account balances for Charlie
Company:
Gross sales
$92,000
Sales returns and allowances $6,000
Selling expenses
$12,000
Cost of goods sold
$44,000
Interest expense
$3,000
How much is the gross profit margin?
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