Use the following selected 2019 balance sheet and income statement information for Homer Glen Supply Co. (in millions) to compute the gross profit percentage to the nearest hundredth of a percent. $$\begin{array} { c | c | c | c | c }
\hline \text { Net income } & \begin{array} { c }
\text { Gross profit } \
\text { on sales }
\end{array} & \begin{array} { c }
\text { Average } \
\text { total assets }
\end{array} & \text { Sales } & \begin{array} { c }
\text { Tax rate on } \
\text { operating profit }
\end{array} \
\hline \mathbf { \$ 1 0 4 , 9 4 0 } & \mathbf { \$ 1 , 0 5 0 , 6 0 0 } & \mathbf { \$ 6 3 1 , 0 5 0 } & \mathbf { \$ 2 , 3 7 3 , \mathbf { 6 0 2 } } & \mathbf { 3 5 \% } \
\hline
\end{array}$$
A) 4.42%
B) 8.56%
C) 28.76%
D) 44.26%

Question

Use the following selected 2019 balance sheet and income statement information for Homer Glen Supply Co. (in millions) to compute the gross profit percentage to the nearest hundredth of a percent. $$\begin{array} { c | c | c | c | c } 
\hline \text { Net income } & \begin{array} { c } 
\text { Gross profit } \
\text { on sales }
\end{array} & \begin{array} { c } 
\text { Average } \
\text { total assets }
\end{array} & \text { Sales } & \begin{array} { c } 
\text { Tax rate on } \
\text { operating profit }
\end{array} \
\hline \mathbf { \$ 1 0 4 , 9 4 0 } & \mathbf { \$ 1 , 0 5 0 , 6 0 0 } & \mathbf { \$ 6 3 1 , 0 5 0 } & \mathbf { \$ 2 , 3 7 3 , \mathbf { 6 0 2 } } & \mathbf { 3 5 \% } \
\hline
\end{array}$$
A) 4.42%
B) 8.56%
C) 28.76%
D) 44.26%

Quizplus · Accepted Answer

The Answer of Use the following selected 2019 balance sheet and income statement information for Homer Glen Supply Co. (in millions) to compute the gross profit percentage to the nearest hundredth of a percent. $$\begin{array} { c | c | c | c | c } 
\hline \text { Net income } & \begin{array} { c } 
\text { Gross profit } \
\text { on sales }
\end{array} & \begin{array} { c } 
\text { Average } \
\text { total assets }
\end{array} & \text { Sales } & \begin{array} { c } 
\text { Tax rate on } \
\text { operating profit }
\end{array} \
\hline \mathbf { \$ 1 0 4 , 9 4 0 } & \mathbf { \$ 1 , 0 5 0 , 6 0 0 } & \mathbf { \$ 6 3 1 , 0 5 0 } & \mathbf { \$ 2 , 3 7 3 , \mathbf { 6 0 2 } } & \mathbf { 3 5 \% } \
\hline
\end{array}$$
A) 4.42%
B) 8.56%
C) 28.76%
D) 44.26%

Use the Following Selected 2019 Balance Sheet and Income Statement