Current Attempt in Progress Concord Corporation reported net sales $620,000, cost of goods sold $341,000, operating expenses $124,000, and net income $52,080. 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 O decimal place, e.g. 10%.) Profit margin Gross profit rate eTextbook and Media % %

Current Attempt in Progress Concord Corporation reported net sales $620,000, cost of goods sold $341,000, operating expenses $124,000, and net income $52,080. 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 O decimal place, e.g. 10%.) Profit margin Gross profit rate eTextbook and Media % %

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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Calculate the gross and net profits (in $) and the two profit margins (as %s) for the given company. (Round profit margins to the nearest tenth of a percent.) Gross Profit Margin (%) 38.43 % Company Net Sales an optometry store $340,735 Cost of Goods Sold $209,655 $ Gross Profit Operating Expenses $83,921 Net Profit $ 47,159 ✓ Net Profit Margin (%) %
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Assume Martinez Company has the following reported amounts: Sales revenue $ 610,000, Sales returns and allowances $ 30,000, Cost of goods sold $ 396,500, and Operating expenses $ 84,000. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate %24
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Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685 Operating income $4,140,050 Interest expense 498,015 Income before taxes $3,642,035 Income taxes 1,461,214 Net income $2,180,821 Required: Calculate the times-interest-earned ratio. Round the answer to one decimal place. times
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