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deff fn [24]
4 years ago
14

The following information is taken from the financial statements of Clybourn Company for the current year:

Business
1 answer:
professor190 [17]4 years ago
5 0

Answer:

23.53% or 24% (Approx)

Explanation:

Given that,

Current Assets = $632,000

Total Assets = 1,424,000

Cost of Goods Sold = 1,040,000

Gross Profit = $320,000

Net Income = 192,000

Sales revenue = Cost of goods sold + Gross profit

                         = $1,040,000 + $320,000

                         = $1,360,000

Gross profit margin = (Gross Profit ÷ Sales) × 100

                                 = (320,000 ÷ 1,360,000) × 100

                                 = 0.23529 × 100

                                 = 23.53% or 24% (Approx)

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