Calculate the gross profit percentage and the net income percentage for the inco
ID: 2504100 • Letter: C
Question
Calculate the gross profit percentage and the net income percentage for the income statement of Harvey Company, Round to the nearest whole percentage.
Net Sales $1,300,000
Cost of Goods sold 750,000
Gross Profit $550,000 answer 1.) ______
Operating Expenses 312,000
Net Income 238,000 answer 2.) ______
Calculate the percentage increase or decrease over the previous year for the following unrelated items taken from the balance sheet of Rikke Company. Round tothe nearest whole precentage.
Year 2 Year 1
answer _____ 1.) Cash $158,000 $99,000
answer _____ 2.) Accounts Payable 65,000 70,000
Explanation / Answer
Calculate the gross profit percentage and the net income percentage for the income statement of Harvey Company, Round to the nearest whole percentage.
Net Sales $1,300,000
Cost of Goods sold 750,000
Gross Profit $550,000
Operating Expenses 312,000
Net Income 238,000
answer 1.) gross profit percentage = 550000/1300000 = 42%
answer 2.)net income percentage = 238000/1300000 = 18%
Calculate the percentage increase or decrease over the previous year for the following unrelated items taken from the balance sheet of Rikke Company. Round tothe nearest whole precentage.
answer _____ 1.) Percentage increase of Cash = ($158,000 - $99,000)/99000 = 60%
answer _____ 2.) Percentage decrease of Accounts Payable = ( 65,000 - 70,000)/70000 = 7%
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