Bramble Corp. reported the following in its 2022 and 2021 income statements.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
Question

Bramble Corp. reported the following in its 2022 and 2021 income statements.

 

2022
2021
Net sales
$154,000
$124,000
Cost of goods sold
92,400
74,400
Operating expenses
27,720
16,120
Income tax expense
18,200
10,200
Net income
$ 15,680
$ 23,280
Determine the company's gross profit rate and profit margin for both years. (Round answers to
decimal place, e.g. 52.7%.)
2022
2021
Gross profit rate
%
%
Profit margin
Transcribed Image Text:2022 2021 Net sales $154,000 $124,000 Cost of goods sold 92,400 74,400 Operating expenses 27,720 16,120 Income tax expense 18,200 10,200 Net income $ 15,680 $ 23,280 Determine the company's gross profit rate and profit margin for both years. (Round answers to decimal place, e.g. 52.7%.) 2022 2021 Gross profit rate % % Profit margin
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps

Blurred answer
Knowledge Booster
Capital Gains and Losses
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education