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DiKsa [7]
3 years ago
13

Use the following selected 2016 balance sheet and income statement information for Home Garden Supply Co. (in millions) to compu

te the gross profit percentage to the nearest hundredth of a percent. Net income Gross profit on sales Average total assets Sales Tax rate on operating profit $69,960 $700,400 $360,600 $1,356,504 35% Select one: A. 9.99% B. 33.56%
Business
1 answer:
Anna71 [15]3 years ago
8 0

Answer:

C.51.63%

Explanation:

Gross profit percentage = Gross profit/ Net sales ×100

Gross profit $700,400

Net sales $1,356,504

Hence ;

$700,400/$1,356,504 ×100

=51.63%

Therefore the gross profit percentage is

51.63%

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It takes K’s Boutique an average of 53 days to sell its inventory and an average of 16.8 days to collect its accounts receivable
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