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Question - The Conner Company reports the following information:

Sales for the year ended December 31, 2012 $106,950

Gross profit for the year ended December 31, 2012 $52,350

Net income for the year ended December 31, 2012 $7,300

Total Current Assests, December 31, 2012 $18,700

Total Current Liabilities, December 31, 2012 $7,600

Total Assets, December 31, 2012 $48,400

Total Liabilities, December 31, 2012 $20,850

Total Common shares outstanding, December 31, 2012 1,000

Market price per share, December 31, 2012 $75.00

Dividends per share, for the year ended December 31, 2012 $5.00

What is the gross profit percentage for the year ended December 31, 2012?

A) 48.89%

B) 12.6%

C) 16.2%

D) 6.8%

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