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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![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%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F8bb21784-2212-422a-943c-08393c9f5985%2Fd428c8ee-073a-4436-931c-d04dd46ec577%2Ffejm7bb_processed.jpeg&w=3840&q=75)
Transcribed Image Text: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%
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