Kindly help me Accounting question A retail company reported net sales of $2.8 billion in2022 and $3.2 billion in 2023. Their gross profits were$0.7 billion in 2022 and $0.9 billion in 2023. Calculateeach year's profit percentage.

Step 1: Definition of Profit PercentageProfit percentage is calculated as the ratio of gross profit…

Answered: A retail company reported net sales of…

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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A retail company reported net sales of $2.8 billion in 2022 and $3.2 billion in 2023. Their gross profits were $0.7 billion in 2022 and $0.9 billion in 2023. Calculate each year's profit percentage.