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What percentage is assigned to gross profit

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Reference no: EM132718749

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Q1. Teal Mountain Inc. has an investment in trading securities of $161000. This investment experienced an unrealized loss of $9100 during the current year. Assuming a 35% tax rate, the amount of this loss that would reported as part of other comprehensive income would be:

a. None.

b. $56350 loss.

c. $104650 loss.

d. $161000 loss.

Q2. Splish Brothers Inc. has the following Income Statement (in millions):

SPLISH BROTHERS INC. Income Statement For the Year Ended December 31, 2023

Net Sales $400

Cost of Goods Sold 260

Gross Profit 140

Operating Expenses 40

Net Income $100

Using vertical analysis, what percentage is assigned to gross profit?

a. 100%

b. 35.0%

c. 53.8%

d. 65.0%

Reference no: EM132718749

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