Grosvenor Corporation's most recent income statement appears below: Sales (all on account)$807,000 Cost of goods sold 446,000 Gross margin 361,000 Selling and administrative expense 186,000 Net operating income 175,000 Interest expense 39,000 Net income before taxes 136,000 Income taxes 40,000 Net income$ 96,000 The gross margin percentage is closest to:
A. 44.7%
B. 376.0%
C. 26.6%
D. 80.9%
Answer: A
Business
You might also like to view...
If actual output is denoted y and potential output is denoted y*, the output gap is
A. [(y?y*)/ y*] × 100. B. [(y?y*)/ y] × 100. C. [(y*?y)/ y*] × 100. D. [(y*?y)/ y] × 100.
Business
On a standard cost income statement, the variances with debit balances are shown in parentheses because they are contra expenses and therefore decrease the expense Cost of Goods Sold
Indicate whether the statement is true or false
Business
According to FASB standards, how are not-for-profit organizations distinguished from a business?
What will be an ideal response?
Business
Describe the four approaches to reuse
What will be an ideal response?
Business