QUESTION 26

1. Use the following selected 2016 balance sheet and income statement information for Home Improvements Co. (in millions) to compute the gross profit percentage to the nearest hundredth of a percent.

   Net income	Gross profit on sales	Average total assets	Sales	Tax rate on operating profit
   $279,840	$2,101,200	$1,081,800	$2,713,008	35%

   	A.	10.31%
   	B.	77.45%
   	C.	51.63%
   	D.	50.34%