The following information was drawn from the annual reports of two companies: Item Company X Company Y Sales revenue $1,500 $2,500 Cost of goods sold (900) (1,600) Gross margin 600 900 Operating expenses (350) (720) Operating income 250 180 Gain on sale of assets 100 0 Net income $350 $180 Based on this information, what is Company X's gross margin percentage?

The following information was drawn from the annual reports of two companies: Item Company X Company Y Sales revenue $1,500 $2,500 Cost of goods sold (900) (1,600) Gross margin 600 900 Operating expenses (350) (720) Operating income 250 180 Gain on sale of assets 100 0 Net income $350 $180 Based on this information, what is Company X's gross margin percentage?

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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