Sales | $ 715,000 | |
Sales discount | $ (15,000) | |
Net sales | $ 700,000 | |
Less: Cost of goods sold ($700,000-$321,300) | $ 378,700 | |
Gross profit | $ 321,300 | |
Less: Operating expenses | $ 245,000 | |
Less: Interest expense | $ 5,000 | |
Income before income tax | $ 71,300 | |
Income tax expenses ($71,300*21%) | $ 14,973 | |
Net income ($71,300-$14,973) | $ 56,327 |
Gross profit margin % = Gross profit / Net sales |
Gross profit margin % = $321,300 / $700,000 |
Gross profit margin % = 45.9% |
Profit margin % = Net income / Net sales |
Profit margin % = $56,327 / $700,000 |
Profit margin % = 8% |
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