The financial statements of Hayes Company include the following data: 2016 Cot o

Question

The financial statements of Hayes Company include the following data: 2016 Cot of Goods Sold Openting Eapenses Net Cash Previded from Operating Activites Net Incoes Dividend Eanings per Share $180,000 2,000 54,000 88,600 54,000 7,000 0.25 Hayes Company Balance Sheet December 31 Assets 5 199,100 33,700 66,700 $ 147,500 33,400 83,300 299,500264200 120,000 $384,200 Cash Accounts Rece able, t Imveatory Total Curent Assets Assets, 140,000 Total Aswn Liabilities and Stockbolders' Equity Cunect Liabases 10% Bonds Payable $43,200 67,000 110.200 203,000 66,000 274.000 $384.200 $47,500 59.000 106,500 Totai Liabaties 220.000 208,000 Common Stock 5t par Resined Earing Total Stockholders' Equity Toal Liabiltes and Stodholders Equity 113,000 333,000 $439,500 Required: Compute the gross profit rate for 2016. Round your answer to the nearest percentage. (If necessary, consult a ist of formulas) Gross proft rate: Undo Help

Explanation / Answer

Gross profit = Sales - Cost of goods sold = 180,000-72,000 = $108,000

Gross profit rate = Gross profit ÷ Sales = 108,000÷180,000 = 0.6 = 60%

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