Homework Help is Here – Start Your Trial Now!
Business
Accounting
Question: 44 A company's net sales are $675,000, its costs of goods sold are $459,000, and its net income is $74,250. Its gross margin ratio equals: a. 32% b. 68% c. 47% d. 11% e. 34%

Question: 44 A company's net sales are $675,000, its costs of goods sold are $459,000, and its net income is $74,250. Its gross margin ratio equals: a. 32% b. 68% c. 47% d. 11% e. 34%

Intermediate Accounting: Reporting And Analysis
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...
See similar textbooks
icon
Related questions
Question
Question: 44 A company's net sales are $675,000, its costs of goods sold are $459,000, and its net income is $74,250. Its gross margin ratio equals: a. 32% b. 68% c. 47% d. 11% e. 34%
Transcribed Image Text:Question: 44 A company's net sales are $675,000, its costs of goods sold are $459,000, and its net income is $74,250. Its gross margin ratio equals: a. 32% b. 68% c. 47% d. 11% e. 34%
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Survey of Accounting (Accounting I)
Survey of Accounting (Accounting I)
Accounting
ISBN:
9781305961883
Author:
Carl Warren
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Cornerstones of Financial Accounting
Cornerstones of Financial Accounting
Accounting
ISBN:
9781337690881
Author:
Jay Rich, Jeff Jones
Publisher:
Cengage Learning
Fundamentals of Financial Management (MindTap Cou…
Fundamentals of Financial Management (MindTap Cou…
Finance
ISBN:
9781337395250
Author:
Eugene F. Brigham, Joel F. Houston
Publisher:
Cengage Learning
SEE MORE TEXTBOOKS