Question
Requirement 1e. Compute the gross profit percentage for 2016 and 2015 . Begin by selecting the formula to compute the gross profit percentage. Gross profit
Requirement 1e. Compute the gross profit percentage for
2016
and
2015.
Begin by selecting the formula to compute the gross profit percentage.
Gross profit percentage | = | Gross profit / Net sales revenue |
Now,
compute
the gross profit percentage for
2016
and
52015.
(Round your answers to one tenth of a percent, X.X%.)
2016:
g%
2015:
Comparative Income Statement
Years Ended December 31, 2016 and 2015
2016
2015
Net Sales
$468,000
$423,000
Cost of Goods Sold
238,000
212,000
Gross Profit
230,000
211,000
Operating Expenses
136,000
134,000
Income From Operations
94,000
77,000
Interest Expense
11,000
14,000
Income Before Income Tax
83,000
63,000
Income Tax Expense
18,000
22,000
Net Income
$65,000
$41,000
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started