Following data were taken from the Y4 financial statements of Ultimate Style Company:

Administrative Expenses $70,000

Cost of Goods Sold $500,000

Interest and other income, net $10,000

Other losses (loss on sale of building) $5,000

Provision for income taxes $38,000

Net Sales $800,000

Total Assets (12/31/y3) $900,000

Total Assets (12/31/y4) 1,100,000

Selling Expense $100,000

What was the gross profit?

a.500,000 b.300,000 c. 200,000 d. 130,000

What was the gross profit percentage?

A. 12.125 b. 16.25 c. 37.5 62.5

What was the Total Assets Turnover?

a. 0.89 b. 0.80 c. 0.73 d. 0.30

Consider the following accounts and their balances:

Gross sales revenue	800,000
Sales returns and allowances	12,000
Credit card discounts	5,000
Sales discounts	3,000
Cost of goods sold	670,000

Compute the net sales:

a. 110,000 b. 130,000 c. 780,000 d. 800,000