Clancy Stores Has Sales of $1,574,000,cost of Sales of $653,000,and

question 57

Multiple Choice

Clancy Stores has sales of $1,574,000,cost of sales of $653,000,and operating expenses of $292,000.What is Clancy's return on sales?

• A)58.5%
• B)41.5%
• C)60%
• D)40%

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Definitions:

Rights

Privileges or entitlements that are ethically and legally recognized as belonging to a specific individual or group.

Holder in Due Course

A person who has acquired a negotiable instrument in good faith and for value, therefore having certain legal protections.

Payee

The individual or entity to whom a check, draft, or promissory note is made payable.

First in Time

A principle stating that rights or privileges are assigned to those who are first to take action or establish legal claim.