Question: $218 Given the selected income statement data for Gray Co. below, what was its effective tax rate for the year? Present your answer in percentage

$218 Given the selected income statement data for Gray Co. below,

$218 Given the selected income statement data for Gray Co. below, what was its effective tax rate for the year? Present your answer in percentage terms rounded to one decimal place (e.g., 23.496). Sales $477 Cost of goods sold Salaries expense $72 Tax expense $37 Net income $24 Total liabilities $372 Total assets $598

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