Bob\'s Auto Parts, Inc.\'s classified balance sheet and multi-step income statem
ID: 2432758 • Letter: B
Question
Bob's Auto Parts, Inc.'s classified balance sheet and multi-step income statement as of and for the year ended October 31, 2016 follow: EEB (Click the icon to view the classified balance sheet.) Calculate the gross profit percentage and the net income percentage for Bob's Auto Parts, Inc., for 2016. (Click the icon to view the income statement. Start by calculating the gross profit percentage for 2016. Select the formula and then complete the calculation. (Round the gross profit% to the nearest whole percent.) Gross profit % Data Table Bob's Auto Parts, Inc. Income Statement Year ended October 31, 2016 Net sales revenue Cost of goods sold Gross profit Total operating expenses Operating income (loss) Interest expense Net income (loss) 34,000 20,500 13,500 4,000 9,500 (550) 8,950 Choose from any list or enter any number in the input fields and then click Check Answer.Explanation / Answer
Gross profit percentage will calculate by deviding gross profit by net sales
Gross proft / Net sales revenue = Gross profit % $ 13,500 / $ 34,000 = 40%