A business reported an increase in net sales from $5.2 billion in 2020 to $5.8 billion in 2021, and an increase in gross profit from $1.6 billion in 2020 to $1.9 billion in 2021. Calculate each year's profit percentage.

A business reported an increase in net sales from $5.2 billion in 2020 to $5.8 billion in 2021, and an increase in gross profit from $1.6 billion in 2020 to $1.9 billion in 2021. Calculate each year's profit percentage.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Question

I need help with this general accounting question using the proper accounting approach.

A business reported an increase in net sales from
$5.2 billion in 2020 to $5.8 billion in 2021, and an
increase in gross profit from $1.6 billion in 2020 to
$1.9 billion in 2021.
Calculate each year's profit percentage.

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