The following information is taken from the financial statements of a company for the current year:

-Use the information above to answer the following question.The gross profit percentage for the current year rounded to the nearest whole percent is closest to:
A) 24%.
B) 76%.
C) 60%.
D) 31%.

Question

The following information is taken from the financial statements of a company for the current year:
 
-Use the information above to answer the following question.The gross profit percentage for the current year rounded to the nearest whole percent is closest to:
A) 24%. 
B) 76%. 
C) 60%. 
D) 31%.

Quizplus · Accepted Answer

Gross profit percentage = (Gross profit / Net sales) * 100= (120,000 / 200,000) * 100= 0.6 * 100= 60%Rounded to the nearest whole percent, the gross profit percentage is 60%.

The Following Information Is Taken from the Financial Statements of a Company