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Alex Enterprises reports the following information on its year-end income statement: Net sales $300,000 Operating expenses $60,000 Cost of goods sold 180,000 Other income 20,000 Calculate Alex's gross profit percentage and profit margin. Round to one decimal place. Gross profit percentage 0%

Alex Enterprises reports the following information on its year-end income statement: Net sales $300,000 Operating expenses $60,000 Cost of goods sold 180,000 Other income 20,000 Calculate Alex's gross profit percentage and profit margin. Round to one decimal place. Gross profit percentage 0%

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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**Year-End Income Statement Analysis for Alex Enterprises** Alex Enterprises provides the following data from its year-end income statement: - **Net Sales**: $300,000 - **Cost of Goods Sold**: $180,000 - **Operating Expenses**: $60,000 - **Other Income**: $20,000 **Objective**: Calculate Alex’s gross profit percentage and profit margin. Ensure results are rounded to one decimal place. **Calculations Required**: 1. **Gross Profit Percentage** 2. **Profit Margin Percentage** Input your answers into the provided table. - Gross profit percentage: ___% - Profit margin percentage: ___%
Transcribed Image Text:**Year-End Income Statement Analysis for Alex Enterprises** Alex Enterprises provides the following data from its year-end income statement: - **Net Sales**: $300,000 - **Cost of Goods Sold**: $180,000 - **Operating Expenses**: $60,000 - **Other Income**: $20,000 **Objective**: Calculate Alex’s gross profit percentage and profit margin. Ensure results are rounded to one decimal place. **Calculations Required**: 1. **Gross Profit Percentage** 2. **Profit Margin Percentage** Input your answers into the provided table. - Gross profit percentage: ___% - Profit margin percentage: ___%
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