Marin Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $170,000 $100,00...
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 percentages rounded to 1 decimal place % |
Homework Answers
Add Answer to:
Marin Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $170,000 $100,00...
Shamrock, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net Sales:...
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: _________ ___________
Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales Cost of goods sol...
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
Sage Hill Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales $220,000 $18...
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...
Do It! Review 5-06 Tamarisk, Inc. reported the following in its 2022 and 2021 income statements....
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...
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...
Current Attempt in Progress Metlock, Inc. reported the following in its 2017 and 2016 income statements....
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
Pina Colada Corp. reported net sales $860,000; cost of goods sold $559,000; operating expenses $225,750; and...
Pina Colada Corp. reported net sales $860,000; cost of goods sold $559,000; operating expenses $225,750; and net income $73,100. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.) Profit margin enter percentages rounded to 1 decimal place % Gross profit rate enter percentages rounded to 1 decimal place %
Sunland Company reported net sales of $243,000, cost of goods sold of $145,800, operating expenses of...
Sunland Company reported net sales of $243,000, cost of goods sold of $145,800, operating expenses of $54,400, net income of $38,880, beginning total assets of $453,300, and ending total assets of $612,700. Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, e.g. 10.2%.) Profit margin enter percentages rounded to 1 decimal place % Gross profit rate enter percentages rounded to 1 decimal place %
1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and...
1. Culver Corporation reported net sales $715,000, cost of goods sold $500,500, operating expenses $126,000, and net income $62,920. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to 0 decimal place, e.g. 10%.) Profit margin enter profit margin in percentages rounded to 2 decimal places % Gross profit rate enter gross profit rate in percentages rounded to 0 decimal % 2. Presented here are the components...
The following information is available for Marin Inc. for three recent fiscal years. 2017 &nb
The following information is available for Marin Inc. for three recent fiscal years. 2017 2016 2015 Inventory $546,328 $571,700 $326,238 Net sales 1,934,372 1,695,980 1,327,594 Cost of goods sold 1,554,675 1,312,366 964,008 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to 0 decimal places, e.g. 125 and gross profit rate to 1 decimal place, e.g. 5.2%.)
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
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...
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...
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...
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
Most questions answered within 3 hours.
-
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 26 minutes ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 37 minutes ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 1 hour ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 1 hour ago -
39.4% of US homes continue to use a landline in addition to cell
phone service. 3...
asked 2 hours ago -
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 3 hours ago -
Create a 32-run crossed array design with six control factors
and two noise factors such that...
asked 4 hours ago -
A 500g sample of sand from source A has the following amounts
retained on each sieve....
asked 4 hours ago -
In
your own words, please explain the essay by John Keynes wrote "The
End of Laissez...
asked 4 hours ago -
How are the matrix and pixels related? Why are smaller
pixels better for diagnostic quality?
asked 4 hours ago -
2. An AC generator has 80 rectangular loops on
its armature. Each loop is 11 cm...
asked 4 hours ago -
Please help me with this question. Consider Aldi’s current and
potential geographic markets (see Exhibit 4...
asked 4 hours ago