The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Aldine Inc. as they appear on the company s adjusted trial balance. Accounts Payable $10,000 Accounts Receivable 11,000 Inventory 20,000 Advertising Expense 12,000 Cost of Goods Sold 89,000 Delivery Expense 6,000 Income Tax Expense 2,000 Insurance Expense 1,000 Rent Expense 12,000 Sales Revenue 160,000 11,000 Sales Discounts Sales Returns & Allowances 19,000 The gross profit percentage would be closest to: A) 25.6%. B) 31.5%. C) 55.6%. D) 68.5%.

The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Aldine Inc. as they appear on the company s adjusted trial balance. Accounts Payable $10,000 Accounts Receivable 11,000 Inventory 20,000 Advertising Expense 12,000 Cost of Goods Sold 89,000 Delivery Expense 6,000 Income Tax Expense 2,000 Insurance Expense 1,000 Rent Expense 12,000 Sales Revenue 160,000 11,000 Sales Discounts Sales Returns & Allowances 19,000 The gross profit percentage would be closest to: A) 25.6%. B) 31.5%. C) 55.6%. D) 68.5%.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter14: Activities Required In Completing A Quality Audit

Section: Chapter Questions

Problem 65RSCQ

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Kindly answer in good accounting form. Preferably in table :)
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