The following information is taken from the financial statements of a company for the current year: Current assets $398,000 Total assets 893,000 Cost of goods sold 653,000 Gross Profit Net income 203,000 123,000 What is the gross profit percentage for the current year (rounded to the nearest whole percent)? a. 24% b. 31% c. 76% d. 61%

The following information is taken from the financial statements of a company for the current year: Current assets $398,000 Total assets 893,000 Cost of goods sold 653,000 Gross Profit Net income 203,000 123,000 What is the gross profit percentage for the current year (rounded to the nearest whole percent)? a. 24% b. 31% c. 76% d. 61%

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...

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