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bioFREAK11 bioFREAK11
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A year ago

Mormino Corporation’s income statement appears below:

Income Statement
Sales (all on account)$ 1,240,000
Cost of goods sold730,000
Gross margin510,000
Operating expenses450,462
Net operating income59,538
Interest expense18,000
Net income before taxes41,538
Income taxes (35%)14,538
Net income$ 27,000

The company’s gross margin percentage is closest to:



▸ 1888.9%

▸ 5.3%

▸ 41.1%

▸ 69.9%
Textbook 
Introduction to Managerial Accounting: Brewer Edition: 9e

Introduction to Managerial Accounting: Brewer Edition: 9e


Edition: 9th
Authors:
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studytimestudytime
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A year ago
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bioFREAK11 Author
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A year ago
I appreciate what you did here, answered it right Smiling Face with Open Mouth
Marctheshark
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Yesterday
Good timing, thanks!
ealvino1610
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2 hours ago
This calls for a celebration Person Raising Both Hands in Celebration
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