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Use the following data for Crescent Retailers: • Sales: $180,000 • Sales Returns and Allowances: $15,000 • Sales Discounts: $5,000 • Cost of Goods Sold: $85,000 • Operating Expenses: $45,000 What is the profit margin ratio?

Use the following data for Crescent Retailers: • Sales: $180,000 • Sales Returns and Allowances: $15,000 • Sales Discounts: $5,000 • Cost of Goods Sold: $85,000 • Operating Expenses: $45,000 What is the profit margin ratio?

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...
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Use the following data for Crescent Retailers: • Sales: $180,000 • Sales Returns and Allowances: $15,000 • Sales Discounts: $5,000 • Cost of Goods Sold: $85,000 • Operating Expenses: $45,000 What is the profit margin ratio?
Transcribed Image Text:Use the following data for Crescent Retailers: • Sales: $180,000 • Sales Returns and Allowances: $15,000 • Sales Discounts: $5,000 • Cost of Goods Sold: $85,000 • Operating Expenses: $45,000 What is the profit margin ratio?
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