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agoldberg2011 agoldberg2011
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9 months ago

Neef Corporation has provided the following financial data from its balance sheet and income statement:

Year 2Year 1
Total assets$ 1,302,000$ 1,330,000
Total stockholders' equity$ 885,000$ 880,000

Income Statement
For the Year Ended December 31, Year 2
Sales (all on account)$ 1,420,000
Cost of goods sold890,000
Gross margin530,000
Operating expenses493,000
Net operating income37,000
Interest expense17,000
Net income before taxes20,000
Income taxes (35%)7,000
Net income$ 13,000

The company’s gross margin percentage for Year 2 is closest to:



▸ 59.6%

▸ 2.5%

▸ 37.3%

▸ 4076.9%
Textbook 
Introduction to Managerial Accounting: Brewer Edition: 9e

Introduction to Managerial Accounting: Brewer Edition: 9e


Edition: 9th
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