Owen Wise, Inc. reported the following in its 2017 and 2016 income statements. Determine the company's gross
Question:
Owen Wise, Inc. reported the following in its 2017 and 2016 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:
2017 2016 . Net sales Cost of goods sold Operating expenses Income tax expense Net income $150,000 90,000 32,000 18,000 $120,000 72,000 16,000 10,000 s22,000 $10000 $22.000
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ISBN: 978-1118096895
6th edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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