A company reported an increase in net sales from $6.5 billion in 2022 to $7.1 billion in 2023, and an increase in gross profit from $2.1 billion in 2022 to $2.4 billion in 2023. Calculate each year's profit percentage.
A company reported an increase in net sales from $6.5 billion in 2022 to $7.1 billion in 2023, and an increase in gross profit from $2.1 billion in 2022 to $2.4 billion in 2023. Calculate each year's profit percentage.
Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter12: Fainancial Statement Analysis
Section: Chapter Questions
Problem 54CE
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Transcribed Image Text:A company reported an increase in net sales from
$6.5 billion in 2022 to $7.1 billion in 2023, and an
increase in gross profit from $2.1 billion in 2022 to
$2.4 billion in 2023.
Calculate each year's profit percentage.
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