Sunland Company reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net Income Gross profit rate 2022 Profit margin $152,000 91.200 30,400 18,000 $12.400 2022 2021 $122.000 73,200 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg 52.7%) 14,640 10.000 $24.160 2021
Sunland Company reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net Income Gross profit rate 2022 Profit margin $152,000 91.200 30,400 18,000 $12.400 2022 2021 $122.000 73,200 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg 52.7%) 14,640 10.000 $24.160 2021
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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