G Co,Which Is a Biotechnology Firm,reported the Following Revenues on Their

question 65

Multiple Choice

G Co.,which is a biotechnology firm,reported the following revenues on their 2012 income statement: Product sales $582.2 million,Royalties $214.7 million,Contract revenue $107.0 million and Interest income $64.1 million.Their cost of sales were reported as $104.5 million.What was their gross profit percentage?

• A)82.1%
• B)86.9%
• C)88.4%
• D)89.2%

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Definitions:

Progressivity

Refers to the degree to which a tax system taxes higher incomes at higher rates.

OECD Countries

Member countries of the Organisation for Economic Co-operation and Development, which are generally regarded as developed countries with high-income economies.

U.S. Tax System

A system by which the government of the United States funds its operations through the imposition of various types of taxes on individuals and businesses, including income, sales, and property taxes.

Expenditures

The act of spending funds or consuming resources, typically in the context of government or household budgets.