Calculate Gross Profit Ratio Given the Following Information: Accounts Receivable

question 326

Multiple Choice

Calculate gross profit ratio given the following information: accounts receivable = $3,500; inventory = $4,500; receivable turnover = 80 times; inventory turnover = 18 times.

• A) 70%
• B) 71%
• C) 72%
• D) 73%
• E) 74%

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Definitions:

Stakeholder Model

A framework used in business that identifies and addresses the interests and concerns of individuals and groups affected by the organization's actions.

Social Responsibility

The obligation of individuals and organizations to act in ways that benefit society at large, beyond their own interests or profits.

Obstructionist Strategy

A corporate social responsibility strategy that tries to avoid and resist pressures for social responsibility.

Economic Responsibility

The obligation of an organization to make decisions and take actions that will contribute to the economic well-being of society.