Want to this question answer general accounting A company reported an increase in net sales from $5.2 billion in 2022 to $5.8billion in 2023, and an increase in gross profit from $1.7 billion in 2022 to $2.1billion in 2023.Requirement:Calculate the gross profit percentage for each year.

Step 1: Define Gross Profit PercentageGross profit percentage measures how much of a company's…

Answered: A company reported an increase in net…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

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Problem 54CE

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what is the gross profit percentage for each year?
Using data available in the case, calculate the annual growth rate from 2020 to 2021 (in percentages). All calculations should be rounded to two decimals (e.g., 12.77%). > Answer is complete but not entirely correct. 2021 2020 2020-2021 Revenue 2,057,622 1,736,432 18.50 % Cost of Goods Sold 1,259,830 921,980 36.64 % Gross Profit 797,792 814,452 (1.02) % Operating Expenses 789,795 570,245 38.50 % Operating Income 7,997 244,207 2,953.73% Net Income 14,553 191,960 (92.42) %
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A company reported an increase in net sales from $5.2 billion in 2022 to $5.8 billion in 2023, and an increase in gross profit from $1.7 billion in 2022 to $2.1 billion in 2023. Requirement: Calculate the gross profit percentage for each year.