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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 1,60,000 Sales Discounts 11,000 19,000 Sales Returns & Allowances 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 1,60,000 Sales Discounts 11,000 19,000 Sales Returns & Allowances The gross profit percentage would be closest to: A) 25.6%. B) 31.5%. C) 55.6%. D) 68.5%.

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 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 1,60,000 Sales Discounts 11,000 19,000 Sales Returns & Allowances The gross profit percentage would be closest to: A) 25.6%. B) 31.5%. C) 55.6%. D) 68.5%.
Transcribed Image Text: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 1,60,000 Sales Discounts 11,000 19,000 Sales Returns & Allowances The gross profit percentage would be closest to: A) 25.6%. B) 31.5%. C) 55.6%. D) 68.5%.
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