The following information was taken from Crazy A Corporationfinancial statements as of the end of Year 2.
Net sales
$500,000
Cost of goods sold
300,000
Operating expenses
100,000
Interest expense
58,000
Income taxes expense
12,000
Total assets
180,000
Year 1 ending balance
$150,000
Total liabilities
120,000
Year 1 ending balance
$100,000
Total equity
60,000
Year 1 ending balance
$ 45,000
Crazy A’s gross profit margin is:
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