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Infinitez Infinitez
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A year ago
The income statement for Otto Construction Company appears below:

Net sales (all credit sales)$180,000
Cost of goods sold 100,000
Gross margin80,000
Operating expenses30,000
Interest expense   12,000
Income before taxes38,000
Income tax     9,500
Net income$  28,500

Average total assets total $240,000. Otto's income tax rate is 25%. What is the gross margin percentage?

▸ 12.5%

▸ 44.4%

▸ 35.6%

▸ 15.8%
Textbook 
Managerial Accounting

Managerial Accounting


Edition: 4th
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billykrabillykra
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A year ago
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