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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.
4Multiple Choice Question 96
The Sales Returns and Allowances account is classified as a(n)
contra revenue account.
contra asset account.
expense account.
asset account.
5Multiple Choice Question 179