Riverside Industries reports the following information on its year-end income statement: Net Sales: $420,000, Operating Expenses: $98,000, Cost of Goods Sold: $273,000, and Other Income: $22,000. Calculate Riverside's gross profit percentage and return on sales ratio. (Round answer to one decimal place.)

Riverside Industries reports the following information on its year-end income statement: Net Sales: $420,000, Operating Expenses: $98,000, Cost of Goods Sold: $273,000, and Other Income: $22,000. Calculate Riverside's gross profit percentage and return on sales ratio. (Round answer to one decimal place.)

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 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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