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Presented below is the comparative income statement of Morrison Company for 2020 and 2019. Morrison Company Income Statement For the Year Ended May 31
Presented below is the comparative income statement of Morrison Company for 2020 and 2019. Morrison Company Income Statement For the Year Ended May 31 2020 2019 Sales $189,187 $101,938 Cost of Goods Sold $116,625 $62,622 Gross Profit $72,562 $39,316 Operating Expenses Administrative Expense $24,578 $13,764 Selling Expense $27,881 $21,459 Total Operating Expenses $52,459 $35,223 Other Income and Expenses Interest Expense $1,817 $961 Income Before Income Tax $18,286 $3,132 Income Tax Net Income (Loss) $5,486 $940 $12,800 $2,192 a) Calculate the following ratios for both years. Enter net profit margin as a percentage. Do not enter dollar signs or commas in the input boxes. Round your answers to 2 decimal places. Net Profit Margin Time Interest Earned 2020 2019 b) In which year does the company have a better performance with respect to the net profit margin calculated in part a)? Year:
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