Given below are the account balances for Omega Corporation: Gross sales - $180,000 Sales returns and allowances - $12,000 Selling expenses $24,000 Cost of goods sold - $85,000 Interest expense - $6,500 How much is the gross profit margin?

Given below are the account balances for Omega Corporation: Gross sales - $180,000 Sales returns and allowances - $12,000 Selling expenses $24,000 Cost of goods sold - $85,000 Interest expense - $6,500 How much is the gross profit margin?

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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Need help. General accounting

Given below are the account balances for Omega Corporation:
Gross sales - $180,000 Sales returns and allowances - $12,000
Selling expenses $24,000 Cost of goods sold - $85,000
Interest expense - $6,500 How much is the gross profit margin?

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