QUESTION 14Random Rotailers, Inc.'s income statoment for the year ended December 31, 2015, included the folowing accounts:Sales..Cost of goods sold.Selling expenses (total.General and administrative expenses.$100,000,000$36,000,000$10,000,000$25,000,000Income tax expense...$5,500,000What was the gross profit ratio for the year-ended December 31, 20X5?Oa 25.0%Ob.36.0%O. 64.0%Od. 40.0%QUESTION 15XYZ Co. extemal auditor rendered an opinion on the financial statements which stated that, in the opinion of the auditor, the financial statementsand related disclosures fairly presented financial information in all material renpects fairly in terms of U.S. GAAP except for the fact that an assetthat should have been reported at original historical cost wos reported at its higher tair market value as of the date of the preparation of thestatement of financial position. This is an example of a (an)On Qualifed opinion.Ob Disclaimer opinion.Adverse opinion.Unqualified (unmodified) opinion.

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What was the gro6s profit ratio for the year-ended December 31, 20XS?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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