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

Question 136

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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 34.96%. B) Mark-up on cost is $573,000. C) Net income percentage is 14.64%. 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 34.96%.
B) Mark-up on cost is $573,000.
C) Net income percentage is 14.64%.
D) Mark-up on the selling price is $308,000.

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