Owen Wise, Inc. reported the following in its 2022 and 2021 income statements. Determine the companys gross
Question:
Owen Wise, Inc. reported the following in its 2022 and 2021 income statements.
Determine the company’s gross profit rate and profit margin for both years. Discuss the cause for changes in the ratios.
Transcribed Image Text:
2022 2021 Net sales Cost of goods sold Operating expenses Income tax expense Net income $120,000 $150,000 32,000 16,000 18,000 10,000 $ 22,000 $ 10,000
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Related Book For
Financial Accounting Tools for Business Decision Making
ISBN: 978-1119493631
9th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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