Do It! Review 5-06 Pharoah Company reported the following in its 2022 and 2021 income statements....
Do It! Review 5-06
Pharoah Company reported the following in its 2022 and 2021 income statements.
| 2022 | 2021 | |||
|---|---|---|---|---|
|
Net sales |
$150,000 | $130,000 | ||
|
Cost of goods sold |
90,000 | 78,000 | ||
|
Operating expenses |
36,000 | 18,200 | ||
|
Income tax expense |
18,600 | 11,200 | ||
|
Net income |
$ 5,400 | $ 22,600 |
Determine the company’s gross profit rate and profit margin for
both years. (Round answers to 1 decimal place, e.g.
52.7%.)
| 2022 | 2021 | |||
|---|---|---|---|---|
|
Gross profit rate |
enter percentages rounded to 1 decimal place
|
enter percentages rounded to 1 decimal place
|
||
|
Profit margin |
enter percentages rounded to 1 decimal place
|
enter percentages rounded to 1 decimal place
|
Homework Answers
Solution
| 2022 | 2021 | |
| Gross profit rate | 40.0% | 40.0% |
| Profit Margin | 3.6% | 17.4% |
Working
| 2022 | 2021 | ||
| A | Set sales | $ 1,50,000.00 | $ 1,30,000.00 |
| B | Cost of goods sold | $ 90,000.00 | $ 78,000.00 |
| C=A-B | Gross profit | $ 60,000.00 | $ 52,000.00 |
| D=C/A | Gross profit rate | 40.0% | 40.0% |
| E | Operating expenses | $ 36,000.00 | $ 18,200.00 |
| F | Income tax expense | $ 18,600.00 | $ 11,200.00 |
| G=C-E-F | Net income | $ 5,400.00 | $ 22,600.00 |
| H=G/A | Profit Margin | 3.6% | 17.4% |
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Do It! Review 5-06
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