Garrit Limited's Income Statement Reported the Following for the Year

question 153

Multiple Choice

Garrit Limited's income statement reported the following for the year ended Dec 31, 2019: $$\begin{array} { | l | r | } \hline \text { Sales revenue } & 881,000 \\\hline \text { Cost of goods sold } & 573,000 \\\hline \text { Expenses } & 129,000 \\\hline \text { Net income } & 179,000 \\\hline\end{array}$$ Which is the correct statement about the income statement?

• A)Mark-up on selling price is $573,000.
• B)Mark-up on cost is 53.75%.
• C)Gross margin percentage is 20.32%.
• D)Mark-up on the selling price is $308,000.

Appreciate the contributions of African Americans in various fields such as military service, literature, and the arts during the early United States period.

Understand the political and social dynamics that led to changing voting rights for women and blacks in the early 19th century.

Grasp the impact of international events, such as the Haitian Revolution, on slavery and emancipation in the United States.

Analyze the development and significance of free black communities and their institutions in the early United States.

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Definitions:

Ethnic Group

A community or population made up of people who share a common cultural background or descent.

Household Size

The total number of individuals living in a single housing unit, often used in context of demographic data or eligibility for certain programs.

Market Segmentation

The process of dividing a target market into smaller, more defined categories to tailor marketing efforts effectively.

Demographic Segmentation

The division of a market into segments based on variables such as age, gender, income, occupation, and education.