Given Below Are Comparative Balance Sheets and an Income Statement

question 10

Multiple Choice

Given below are comparative balance sheets and an income statement for Claret Corporation
$\begin{array} { l } \hline \text { Claret Corporation } & \text { Claret Corporation } \\\text { Balance Sheets }-2009 & \text { Income Statement } \\&\text { For the year ended } 2009\\\begin{array}{|l|r|r|}\hline& {\text { Dec.31 }} & \text { Jan. 1 } \\\hline \text { Equipment (net) } & \$ 57,200 & \$ 66,300 \\\hline \text { Inventory } & 32,500 & 36,400 \\\hline \text { Accounts receivable } & 46,800 & 37,700 \\\hline \text { Cash } & 15,600 & 15,600 \\\hline & \$ 152,100 & \$ 156,000 \\\hline \text { Accounts payable } & 26,000 & 28,600 \\\hline & & \\\hline \text { Dividends payable } & 7,800 & 3,900 \\\hline \text { Long-term note payable } & 14,300 & 14,300 \\\hline \text { Share capital, \$5 par } & 72,800 & 72,800 \\\hline \text { Retained earnings } & 31,200 & 36,400 \\\hline & \$ 152,100 & \$ 156,000 \\\hline\end{array}&\begin{array}{|l|r|}\hline \text { Sales } & \$ 228,800 \\\hline \text { Cost of goods sold } & (137,540) \\\hline \text { Gross profit on sales } & \$ 91,260 \\\hline \text { Operating expenses } & (75,868) \\\hline \text { Operating profit } & \$ 15,392 \\\hline \begin{array}{l}\text { Interest expense and } \\\text { income taxes }\end{array} & (9,100) \\\hline \text { Profit } & \$ 6,292 \\\hline\\\hline\\\hline\\\hline\\\hline\\\hline\end{array}\end{array}$
All sales were made on account. Cash dividends declared during the year totaled $11,492
-Refer to the above data. Claret Corporation's gross profit rate for 2009 is:

• A) 60.1%.
• B) 39.9%.
• C) 33%.
• D) 68%.

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