Multiple Choice Question 149 Financial information is presented below: Operating Expenses $ 45,000 Sales Returns and Allowances 9,000 Sales Discounts 6,000 Sales Revenue 160,000 Cost of Goods Sold 87,000 The gross profit rate would be. 503.. 363.. 400.. 456. 4- Multiple Choice Question 96 The Sales Returns and Allowances account is classified as a( n) contra revenue account. contra asset account. expense account. asset account. 5- Multiple Choice Question 179