Bramble Corp. reported the following in its 2022 and 2021 income statements. 20222021Net sales$154,000$124,000Cost of goods sold92,40074,400Operating expenses27,72016,120Income tax expense18,20010,200Net income$ 15,680$ 23,280Determine the company's gross profit rate and profit margin for both years. (Round answers todecimal place, e.g. 52.7%.)20222021Gross profit rate%%Profit margin

Gross Profit It is the profit that business makes after deduction of direct expenses related to…

Answered: Bramble Corp. reported the following in…

Business

Accounting

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

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Concept explainers

Capital Gain

Any capital asset when sold can give the seller a higher or lower price from its purchase price leading to a capital gain or capital loss. The time period of holding an asset is decided based on if it is a long term or short-term capital gain. On that basis, the rate of taxation is decided if it is 20%, 15% or according to the tax brackets. The rate of taxation differs in the case of equity or debt, whether long or short term. The capital gain can be adjusted from capital loss to arrive at a net capital gain. The amount of gains and the exemption has to be reported in the tax return filed in the financial year in which the asset was transferred. The tax return can be filed quarterly, monthly, semi-annually or annually.

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

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