Given the Following Data: Sales $1,500,000;gross Profit $640,000;net Income $40,000

question 31

Multiple Choice

Given the following data: sales $1,500,000;gross profit $640,000;net income $40,000 and income tax expense $35,000.What is the common-size percentage for the cost of sales?

• A)3.0%
• B)37.7%
• C)42.7%
• D)57.3%

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Definitions:

Remedies

Legal solutions or actions awarded by courts to address a wrong or enforce a right.

Code

A systematic collection of laws or regulations, or a set of principles or standards in computing or communication.

Incidental Damages

Compensation for additional financial losses that occur indirectly from a breach of contract or wrongful act.

Cover

In contract law, a purchaser's action to buy goods similar to those the seller failed to deliver, in an effort to mitigate damages from the breach of contract.