Please Refer to the Following Trial Balance How Much Is the Gross Profit Percentage?
A)50

Multiple Choice

Please refer to the following trial balance. $$\begin{array} { | l | r | r | } \hline & \text { Debit } & \text { Credit } \\\hline \text { Cash } & \$ 5,000 & \\\hline \text { Accounts receivable } & 14,000 & \\\hline \text { Inventory } & 20,000 & \\\hline \text { Supp lies } & 5,000 & \\\hline \text { Land } & 100,000 & \\\hline \text { Accounts payable } & & \$ 3,000 \\\hline \text { Notes payable } & & 25,000 \\\hline \text { Capital } & & 90,000 \\\hline \text { Withdrawals } & 1,000 & \\\hline \text { Sales revenues } & & 160,000 \\\hline \text { Sales returns and allowances } & 2,000 & \\\hline \text { Sales discounts } & 3,000 & \\\hline \text { Cost of goods sold } & 80,000 & \\\hline \text { Salary expense } & 5,000 & \\\hline \text { Utility expense } & 23,000 & \\\hline \text { Rent expense } & 18,000 & \\\hline \text { Interest expense } & 2,000 & \\\hline \text { Totals } & \$ 278,000 & \$ 278,000 \\\hline\end{array}$$ How much is the gross profit percentage?

A) 50.0%
B) 51.6%
C) 46.8%
D) 48.4%