Salty's Surfshop Reported Net Sales of $258,000,Cost of Goods Sold

question 146

Multiple Choice

Salty's Surfshop reported Net Sales of $258,000,Cost of Goods Sold of $110,500,Operating Expenses of $62,400,and Income Tax Expense of 21,600.Salty's gross profit margin percentage was:

• A)32.98.
• B)42.83.
• C)57.17.
• D)24.61.

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Definitions:

Market-Based Economic Theory

An economic perspective that emphasizes the efficiencies generated by free markets, minimal governmental intervention, and competition driving innovation and productivity.

Property Rights

Legal rights to possess, use, and distribute property.

Worker Rights

The entitlements and protections afforded to employees, including fair wages, safe working conditions, and freedom from discrimination.

Representation Gap

The discrepancy or disconnect between the interests and needs of workers and the extent to which they are represented or addressed within the workplace or through collective bargaining.