Question 30 Not yet answered Cornerstone Co. Balance Sheet Accounts Points out of 2.5 12/31/18 Flag question 12/31/17 $2,100 Bonds Payable $2,100 Cash 400 392 Accounts Receivable 145 128 Preferred Stock 500 500 250 3,285 1,200 520 Accounts Payable 244 Land 3,285 Common Stock 1,200 Inventory 480 Retained Earnings 320 Unearned Rent Revenue (to be earned in 2 months) 40 Prepaid Insurance (3-month policy) 114 Taxes Payable 20 400 28 173 20 Cornerstone Co. Income Statement Accounts For Year Ended 12/31/18 $60 32 1,500 Insurance Expense Interest Expense Cost of Goods Sold Rent Revenue Net Sales Revenue Tax Expense 25 2,000 27 Other Information 2018 Dividends to Common Shareholders $40 2018 Dividends to Preferred Shareholders $200 100sh 2018 Common Shares outstanding 2018 Preferred Shares outstanding 2018 Stock Price 50sh $100 All Sales on credit What is the 2018 Gross Profit Ratio? Select one: a. 75% b. 25% c. 50% d. 20% e. 27%