Kryton Corp

question 15

Multiple Choice

Kryton Corp.has provided the following information: Gross profit was $620,000;
Cost of goods sold was $380,000;
Net income was $400,000.
What was Kryton's gross profit percentage?

• A)40%
• B)61.3%
• C)62%
• D)155%

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Definitions:

Economic Value

The worth of a good or service determined by its ability to satisfy needs or wants, as well as its scarcity and utility.

Future Economic

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Accrued Expense

Expenses that have been incurred but not yet paid or recorded in the financial statements, recognizing expenses when they are incurred, not when paid.

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