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What is the gross profit margin ratio for the year

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Question - The following are selected account balances for Charlie Company's operations for the FY ended December 31, 2016. (All balances are normal):

Accounts Amount

Net Sales $110,750

Administrative Expenses 22,000

Selling Expenses 12,000

Cost of Goods Sold 52,500

Interest Expense 2,000

Income Tax Expense 1,000

Prepaid Expenses $5,000

Interest Receivable $1,000

What is the Gross Profit Margin ratio for the year 2016?

Reference no: EM131679913

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