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Tomm Tomm
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6 years ago
Victory Stables had sales and cost of sales of $600,000 and $450,000 respectively in 2014. The company had shareholders equity of $750,000 and its assets were $1,125,000. Calculate the company's gross margin and gross profit percentage for 2014.
Textbook 
Financial Accounting, Canadian Edition

Financial Accounting, Canadian Edition


Edition: 5th
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ACC 925

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#1
6 years ago
Gross Margin   = Sales - Cost of Sales
   = $600,000 - $450,000
   = $150,000

Gross Profit Percentage = Gross Margin/Net Sales Revenue
$150,000/$600,000 = 25%
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