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 $18...
Shamrock, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net Sales: 158100 105400 Cost of Goods Sold: 63090 27980 Operating Expenses: 63090 27980 Income tax Expense: 18000 5000 Net Income: 15810 31620 Determine the company’s gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e.g. 52.7.) 2017 2016 Gross Profit Rate: __________ _________ Profit Margin: _________ ___________
Current Attempt in Progress Metlock, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $210,000 $140,000 Cost of goods sold 123,900 82,600 Operating expenses 56,240 23,640 Income tax expense 16,000 8,000 Net income $ 13,860 $25,760 Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e.g. 52.7.) 2017 2016 Gross profit rate Profit margin e Textbook and Media
Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales Cost of goods sold Operating expenses $230,000 135,700 59,590 17,000 $ 17,710 $140,000 82,600 23,220 8,000 $ 26,180 Income tax expense Net income Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e3.52.7.) 2017 2016 Gross profit rate Profit margin
Marin Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $170,000 $100,000 Cost of goods sold 105,400 62,000 Operating expenses 34,510 10,200 Income tax expense 17,000 10,000 Net income $ 13,090 $ 17,800 Determine the company’s gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal 2017 2016 Gross profit rate enter percentages % enter percentages % Profit margin enter percentages rounded to 1 decimal place % enter...
Net sales Cost of goods sold $220,000 $160,000 140,800 102,400 48,700 21,400 Operating expenses Income tax expense 14,000 9,000 Net income $ 16,500 $27,200 Determine the company's gross profit rate and profit margin for both years. (Round profit margin answers to 1 decimal place, e.g. 52.7.) 2017 2016 Gross profit rate Profit margin
Sage Hill Inc had the following balance sheet at December 31, 2016. SAGE HILL INC. BALANCE SHEET DECEMBER 31, 2016 Cash $9.300 Accounts payable Accounts receivable 12.300 Bonds payable Investments 13,500 Common stock Plant assets (net) 36,900 Retained earnings Land 16,500 $88,500 $15,200 9,500 36,300 27.500 $88.500 During 2017, the following occurred. 1. Net income was $26,600. 2. Depreciation expense was $8,400. 3. Sage Hill liquidated its investment portfolio (comprised of available-for-sale investments), realizing a $4,200 loss. 4. Sage Hill...
Current Attempt in Progress Windsor, Inc. reported the following in its 2022 and 2021 income statements. 2022 2021 Net sales $142,000 $112.000 Cost of goods sold Operating expenses 85,200 29,820 17,200 67,200 14,560 9,200 Income tax expense Net income $ 9,780 $ 21,040 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 Profit margin
Do It! Review 5-06 Tamarisk, Inc. reported the following in its 2022 and 2021 income statements. 2022 2021 Net sales $158,000 $128,000 Cost of goods sold 94,800 76,800 Operating expenses 31,600 19,200 Income tax expense 18,600 10,600 Net income $ 13,000 $ 21,400 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...
Sage Hill Inc reported income from continuing operations before taxes during 2017 of $2,300,000. Additional transactions occurring in 2017 but not considered in the $2,300,000 are as follows. 1. Again of $107.000 (pretax) as a result of selling securities from its investment portfolio. 2. A $24,000 loss before taxes as a result of operating the discontinued clothing division during 2017 3. A loss of $66,000 before taxes as a result of disposing of its clothing division. Assume that this transaction...
Do It! Review 5-06 Oriole Company reported the following in its 2022 and 2021 income statements. 2022 2021 Net sales $166,000 $136,000 Cost of goods sold 99,600 81,600 34,860 14,960 Operating expenses 11,400 Income tax expense 19,400 $12,140 28,040 Net income 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 % Profit margin 6 pen Show Work Click if you would like to Show...