Homework Answers
| 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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