Using Excel to Determine Statement of Income Amounts and Profitability Ratios PROBLEM In 2024 and 2023, Tucker Corporation reported the following amounts. Sales Cost of goods sold Operating expenses Other income Income tax expense 2024 2023 $ 250,000 $ 200,000 137,500 114,000 40,000 50,000 10,000 15,000 20,000 Student Work Area Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or the work area as indicated. a. Calculate the gross profit and net income for each year. Gross profit Net income $ Gross profit margin 2024 112,500 $ 220,000 $ 2024 $ 2023 86,000 b. Calculate the gross profit margin and profit margin for each year. 175,000 2023

Profitability Ratios Student Work Area PROBLEM Required: Provide input into cells shaded in yellow in this template. Use mathematical formulas with cell references to the Problem or the work area as indicated. In 2024 and 2023, Tucker Corporation reported the following amounts. a. Calculate the gross profit and net income for each year. b. Calculate the gross profit margin and profit margin for each vear. b. Calculate the gross profit margin and profit margin for each year