If Net Sales Are $750,000 and Cost of Goods Sold

question 20

True/False

If net sales are $750,000 and cost of goods sold is $600,000, the gross profit rate is 20%.

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An individual recognized under the law as being a legal member of a sovereign state or belonging to a nation, with associated rights and obligations.

Revised Act

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The individual or entity responsible for filing the formal documents needed to legally form a corporation.

Subchapter S

A section of the United States tax code that allows for a corporation's income to be taxed directly to the shareholders, thus avoiding double taxation.