Shannon Enterprises reports the following information on its year-end income statement: Net Sales: $180,000, Operating Expenses: $40,000, Cost of Goods Sold: $110,000, and Other Income: $25,000 Calculate Shannon's gross profit percentage and return on sales ratio. (Round answer to one decimal place.)

Managerial Accounting: The Cornerstone of Business Decision-Making
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ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
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Chapter15: Financial Statement Analysis
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Problem 38E: Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for...
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Shannon Enterprises reports the following information
on its year-end income statement: Net Sales:
$180,000, Operating Expenses: $40,000, Cost of
Goods Sold: $110,000, and Other Income: $25,000
Calculate Shannon's gross profit percentage and
return on sales ratio. (Round answer to one decimal
place.)
Transcribed Image Text:Shannon Enterprises reports the following information on its year-end income statement: Net Sales: $180,000, Operating Expenses: $40,000, Cost of Goods Sold: $110,000, and Other Income: $25,000 Calculate Shannon's gross profit percentage and return on sales ratio. (Round answer to one decimal place.)
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