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.)

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

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 38E: Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for...

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