Copy Company

Income Statement For the Year Ended December 31, 2017

Revenues Net Sales $200,000 Interest Income 17,500 Total Revenues $217,500 Expenses Cost of Goods Sold $ 50,000 Operating Expenses 47,500 Interest Expense 12,500 Income Tax Expense 39,000 Total Expenses 149,000 Net Income $ 68,500 If the income statement above were prepared in a multiple-step format, gross margin, expressed as a percentage, would be: