Multiple Choice Question 149 Financial information is presented below : Operating Expenses $ 45,000 Sales Returns and Allowances 9,000 Sales Discounts 6,000 Sales Revenue 160,000 Cost of Goods Sold 87,000 The gross profit rate would be . 503 . . 363 . . 400 . . 456 . 4- Multiple Choice Question 96 The Sales Returns and Allowances account is classified as a ( n ) contra revenue account . contra asset account . expense account . asset account . 5- Multiple Choice Question 179