The following information was taken from the financial statements of Sunland Company: 2021 2020 Gross profit on sales $678,600 $760,000 Income before income taxes 205,400 225,000 Net income 260,000 225,000 Net income as a percentage of net sales 10% 9% Please show steps to finding answer Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%) 2021 2020 Cost of goods sold in dollars $enter a dollar amount $enter a dollar amount Cost of goods sold as a percentage of net sales nter percentages rounded to 1 decimal place % nter percentages rounded to 1 decimal place
The following information was taken from the financial statements of Sunland Company: 2021 2020 Gross profit on sales $678,600 $760,000 Income before income taxes 205,400 225,000 Net income 260,000 225,000 Net income as a percentage of net sales 10% 9% Please show steps to finding answer Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%) 2021 2020 Cost of goods sold in dollars $enter a dollar amount $enter a dollar amount Cost of goods sold as a percentage of net sales nter percentages rounded to 1 decimal place % nter percentages rounded to 1 decimal place
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
The following information was taken from the financial statements of Sunland Company:
|
2021
|
2020
|
|||||
|---|---|---|---|---|---|---|
|
Gross profit on sales
|
$678,600 | $760,000 | ||||
|
Income before income taxes
|
205,400 | 225,000 | ||||
|
Net income
|
260,000 | 225,000 | ||||
|
Net income as a percentage of net sales
|
10% |
9% |
Please show steps to finding answer
Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%)
|
2021
|
2020
|
|||||
|---|---|---|---|---|---|---|
|
Cost of goods sold in dollars
|
$enter a dollar amount | $enter a dollar amount | ||||
|
Cost of goods sold as a percentage of net sales
|
nter percentages rounded to 1 decimal place | % | nter percentages rounded to 1 decimal place | % |
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