Cartwright's, a home-improvement store chain, reported these summarized figures: (Click the icon to view the income statement.) ! (Click the icon to view the balance sheets.) Read the requirements. a. Calculate the gross profit percentage for 2020. First identify the formula, then calculate the gross profit percentage. (Round your answer to one decimal place.) Gross profit percentage A B 1 Cartwright's 2 Income Statement 3 For The Year Ended December 31, 2020 4 2020 5 Sales revenues $ 34,988,900 6 Less: Cost of goods sold 21,766,030 7 Gross profit $ 13,222,870 5,088,250 8 Less: Operating expenses 9 Operating income $ 8,134,620 10 Less: Interest expense 217,800 11 Income before income taxes $ 7,916,820 12 Less: Income tax expense 1,925,750 13 Net income $ 5,991,070 B C 1 Cartwright's N Balance Sheets 3 December 31, 2020 and 2019 4 2020 2019 5 5 Assets 6 Current assets: 7 Cash $ 1,200,000 $ 810,000 203,200 260,000 8 Short-term investments 9 Accounts receivable 100,800 378,500 10 Inventory 4,190,000 4,676,000 508,000 11 Other current assets 409,500 12 Total current assets $ 6,688,000 $ 11,437,000 6,048,000 11,620,000 13 Other noncurrent assets 14 Total assets $ 18,125,000 $ 17,668,000 15 16 Liabilities 17 Current liabilities: $ $ 18 Accounts payable 19 Notes payable 3,400,000 $ 2,750,000 890,000 655,000 195,000 20 Accrued liabilities 21 Total current liabilities $ | | 110,000 4,400,000 $ 4,300,000 22 Long-term liabilities 23 Total liabilities 3,600,000 4,216,000 7,816,000 $ $ 8,700,000 $ 24 25 Stockholders' equity 26 Common stock, no par $ 2,502,000 $ 2,000,000 27 Retained earnings 28 Total stockholders' equity 6,923,000 7,852,000 $ 9,425,000 $ 9,852,000 29 30 Total liabilities and equity $ 18,125,000 $ 17,668,000