Consider the following data from the financial statements of Stevenson Company, which has a tax rate of 30%: Year 2 Year 1 Sales $ 21,000,000 $ 19,500,000 Cost of goods sold 7,413,000 6,630,000 Net income 1,890,000 1,560,000 Interest expenses 164,500 144,500 Income taxes 220,286 196,286 Current assets 2,250,000 2,115,000 Total assets 5,050,000 4,760,000 Total liabilities 760,000 750,000 Total stockholders' equity 4,290,000 4,010,000 Knowledge Check 01 Refer to the information above. What was the gross margin percentage for Year 2

The gross margin percentage for Year 2 was 64.70%.

Explanation:

The gross margin percentage for Year 2 can be calculated using the gross margin percentage formula as follows:

Gross margin percentage for Year 2 = (Gross profit in Year 2 / Sales in Year 2) * 100 (1)

Where:

Gross profit in Year 2 = Sales in Year 2 - Cost of goods sold in Year 2 = $21,000,000 - $7,413,000 = $13,587,000

Sales in Year 2 = $21,000,000

Substituting the values into equation (1), we have:

Gross margin percentage for Year 2 = ($13,587,000 / $21,000,000) * 100 = 0.647 * 100 = 64.70%

Therefore, the gross margin percentage for Year 2 was 64.70%.

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