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Compute the gross profit percentage to nearest hundredth

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Reference no: EM132541679

Question 1: Use the following selected 2019 balance sheet and income statement information for Home Improvements Co. (in millions) to compute the gross profit percentage to the nearest hundredth of a percent.

Net income           $279,840

Gross profit              $2,101,200

on sales

Average                   $1,081,800

total assets

Sales                              $2,713,008

Tax rate on operating profit     35%

Select one:

Option A. 77.45%

Option B. 51.63%

Option C. 10.31%

Option D. 50.34%

Reference no: EM132541679

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