G Co, Which Is a Biotechnology Firm, Reported the Following Revenues

question 39

Multiple Choice

G Co., which is a biotechnology firm, reported the following revenues on their 2013 income statement: Product sales $582.2 million, Royalties $214.7 million, Contract revenue $107.0 million and Interest income $64.1 million. Their cost of sales was reported as $104.5 million. What was their gross profit percentage?

• A) 88.4%
• B) 89.2%
• C) 82.1%
• D) 86.9%

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Definitions:

Civil Liberties

Individual rights protected by law from unjust governmental or other interference.

Three-Fifths Compromise

A compromise reached during the 1787 United States Constitutional Convention that counted three out of every five slaves as a person for the purposes of taxation and representation in Congress.

Slave Trade

The historical trade in humans for the purpose of forced labor, including the Transatlantic slave trade where Africans were transported to the Americas.

Great Compromise

An agreement reached during the Constitutional Convention of 1787 that led to the establishment of a two-chambered Congress to balance representation between large and small states.