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General Limited's Income Statement Reported the Following for Last Year

Question 84

Multiple Choice

General Limited's income statement reported the following for last year: General Limited's income statement reported the following for last year: Which of the following statements is correct about the income statement? A) Gross profit percentage is 20.32%. B) Mark-up on cost is $573,000. C) Net income percentage is 20.32%. D) Mark-up on the selling price is $308,000. Which of the following statements is correct about the income statement?


A) Gross profit percentage is 20.32%.
B) Mark-up on cost is $573,000.
C) Net income percentage is 20.32%.
D) Mark-up on the selling price is $308,000.

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