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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%

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%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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%
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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