ABC Inc. is a small retail company that operates a single store. The company has the following information for the year ended December 31, 2022:

Sales revenue: $500,000
Cost of goods sold: $280,000
Gross profit: $220,000
Operating expenses: $150,000
Net income before taxes: $70,000
Income tax rate: 30%

a) Calculate the company's net income for the year ended December 31, 2022.
b) Calculate the company's gross profit percentage.
c) Calculate the company's operating expenses percentage.
d) Calculate the company's return on sales percentage.

Answer rating: 100% (QA)

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