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Problem 2 Selected financial information of Wanna Prosche 911 Corporation is as follows: Sales revenue and Cost of goods sold for the year ended December
Problem 2 Selected financial information of Wanna Prosche 911 Corporation is as follows: Sales revenue and Cost of goods sold for the year ended December 31, 2020 were $250,000 and $200,000, respectively. Sales revenue and Cost of goods sold for the year ended December 31, 2019 were $180,000 and $90,000, respectively. Net income was $50,000 and $25,000 for the years ended December 31, 2020 and 2019, respectively. The balance sheet at December 31, 2020 had assets of $250,000 and liabilities of $50,000 1. What is the gross profit and gross profit percentage for each year? (3 Points) 2. What is the percentage increase in sales from 2019 to 2020? (2 points)
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