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: _________ ___________
Homework Answers
| CALCULATION OF GROSS PROFIT RATE AND PROFIT MARGIN | ||
| 2017 | 2016 | |
| Net Sales | $ 1,58,100 | $ 1,05,400 |
| Less: Cost of Goods Sold | $ 63,090 | $ 27,980 |
| Gross Profit | $ 95,010 | $ 77,420 |
| Gross Profit rate = (Gross Profit / Net Sales ) X 100 | 60.1% | 73.5% |
| Net Income | $ 15,810 | $ 31,620 |
| Profit Margin = (Net income / Net Sales ) X 100 | 10.0% | 30.0% |
| 2017 | 2016 | |
| Answers : | ||
| Gross Profit Rate | 60.1% | 73.5% |
| Profit Margin | 10.0% | 30.0% |
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Shamrock, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net Sales:...
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Sage Hill Inc. reported the following in its 2017 and 2016
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2016
Net sales
$220,000
$180,000
Cost of goods sold
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117,000
Operating expenses
44,500
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Income tax expense
16,000
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Net income
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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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Current Attempt in Progress Metlock, Inc. reported the following in its 2017 and 2016 income statements....
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Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales Cost of goods sol...
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Tamarisk, Inc. reported the following in its 2022 and 2021
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2022
2021
Net sales
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Cost of goods sold
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Operating expenses
31,600
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Income tax expense
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Net income
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52.7%.)
2022
2021
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enter percentages rounded to 1 decimal place
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enter percentages rounded to...
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Pharoah Company reported the following in its 2022 and 2021
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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
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Net income
$ 5,400
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Cost of goods sold
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Operating expenses
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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...
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