Gross profit rate = Gross Profit/Sales
Profit Margin = Net income/Sales
2017 | 2016 | |
---|---|---|
Gross profit rate |
(220,000-140800)/220,000 = 36% |
(160,000-102400)/160000 = 36% |
Profit Margin |
(16500/220,000) = 7.5% |
(27200/160,000) = 17% |
Net sales Cost of goods sold $220,000 $160,000 140,800 102,400 48,700 21,400 Operating expenses Income tax...
Sage Hill Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $220,000 $180,000 Cost of goods sold 143,000 117,000 Operating expenses 44,500 21,520 Income tax expense 16,000 8,000 Net income $ 16,500 $ 33,480 Sage Hill Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $220,000 $180,000 Cost of goods sold 143,000 117,000 Operating expenses 44,500 16,000 21,520 8,000 Income tax expense Net income $ 16,500 $33,480 Determine...
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