Katz Group Had the Following Income Statement for the Month

question 143

Multiple Choice

Katz Group had the following income statement for the month of May.
$\begin{array}{l}\text { Sales revenue } &&\$428,000\\\text { Cost of goods sold } &&205,440\\\text { Gross margin }&&222,560\\\text { Less: }\\&\text { Selling expenses }&81,320\\&\text { Administrative expenses }&72,760\\\text { Operating income }&&\$68,480\end{array}$
-Refer to the Figure.What was the gross margin percentage?

• A)17%
• B)19%
• C)48%
• D)52%

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Definitions:

Lifespan

Lifespan denotes the duration of time an individual, organism, or object exists from its creation or birth to its death or cessation.

Triple Bottom Line

An accounting framework that goes beyond the traditional profit measure to include social and environmental dimensions.

Company Values

The core principles and beliefs that guide the behaviors, decision-making processes, and cultural environment of an organization.

Reinforce

The action of strengthening or supporting an idea, value, or physical structure to ensure its endurance or credibility.