Homework Answers
Solution :
| Computation of Gross profit rate and profit margin | ||
| Particulars | 2017 | 2016 |
| Net sales | $230,000.00 | $140,000.00 |
| Cost of goods sold | $135,700.00 | $82,600.00 |
| Gross Profit | $94,300.00 | $57,400.00 |
| Net Income | $17,710.00 | $26,180.00 |
| Gross profit rate (Gross profit/sales) | 41.0% | 41.0% |
| Profit Margin (Net Income / Sales) | 7.7% | 18.7% |
Add Answer to:
Tamarisk, Inc. reported the following in its 2017 and 2016 income statements. 2017 2016 Net sales Cost of goods sol...
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
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...
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...
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 net sales $880,000; cost of goods sold $572,000; operating expenses $231.000; and net...
Tamarisk, Inc. reported net sales $880,000; cost of goods sold $572,000; operating expenses $231.000; and net income $74,800. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, eg. 10.2%.) Profit margin Gross profit rate
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...
Current Attempt in Progress Windsor, Inc. reported the following in its 2022 and 2021 income statements....
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
Exercise 12-3 Tamarisk, Inc. reported net income of $173,950 for 2017. Tamarisk, Inc. also reported depreciation...
Exercise 12-3 Tamarisk, Inc. reported net income of $173,950 for 2017. Tamarisk, Inc. also reported depreciation expense of $31,940 and a loss of S4,870 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,030 for the year, a $16,080 increase in accounts payable, and a $3,650 increase in prepaid expenses Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash...
Kingbird, Inc. reported net sales of $267,000, cost of goods sold of $160,200, operating expenses of...
Kingbird, Inc. reported net sales of $267,000, cost of goods sold of $160,200, operating expenses of $48,900, net income of $42.720, beginning total assets of $532,300, and ending total assets of $618,100. Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, eg. 10.2%) Profit margin 96 Gross profit rate 96
Net sales Cost of goods sold $220,000 $160,000 140,800 102,400 48,700 21,400 Operating expenses Income tax...
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
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
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...
Tamarisk, Inc. reported net sales $880,000; cost of goods sold $572,000; operating expenses $231.000; and net income $74,800. Calculate the profit margin and gross profit rate. (Round answers to 1 decimal place, eg. 10.2%.) Profit margin Gross profit rate
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...
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
Exercise 12-3 Tamarisk, Inc. reported net income of $173,950 for 2017. Tamarisk, Inc. also reported depreciation expense of $31,940 and a loss of S4,870 on the disposal of plant assets. The comparative balance sheets show an increase in accounts receivable of $14,030 for the year, a $16,080 increase in accounts payable, and a $3,650 increase in prepaid expenses Prepare the operating activities section of the statement of cash flows for 2017. Use the indirect method. (Show amounts that decrease cash...
Kingbird, Inc. reported net sales of $267,000, cost of goods sold of $160,200, operating expenses of $48,900, net income of $42.720, beginning total assets of $532,300, and ending total assets of $618,100. Calculate profit margin and gross profit rate. (Round answers to 1 decimal place, eg. 10.2%) Profit margin 96 Gross profit rate 96
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
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 10 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 10 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 10 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 10 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 10 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 10 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 10 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 10 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 10 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 10 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 10 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 10 months ago