Garrott Corporation's total assets were $1,505,000 at the end of Year 2 and $1,520,000 at the end of Year 1. Its total stockholders' equity was $1,197,000 at the end of Year 2 and $1,180,000 at the end of Year 1. The company's gross margin percentage for Year 2 is closest to:
A)4.9%
B)61.4%
C)38.1%
D)2031.9%

Question

Garrott Corporation's total assets were $1,505,000 at the end of Year 2 and $1,520,000 at the end of Year 1. Its total stockholders' equity was $1,197,000 at the end of Year 2 and $1,180,000 at the end of Year 1.  The company's gross margin percentage for Year 2 is closest to:
A)4.9% 
B)61.4% 
C)38.1% 
D)2031.9%

Quizplus · Accepted Answer

We cannot calculate the gross margin percentage with the given information, as we do not know the company's gross profit.

Garrott Corporation's Total Assets Were $1,505,000 at the End of Year