Bramble Corp. reported the following in its 2022 and 2021 income statements. 20222021Net sales$154,000$124,000Cost of goods sold92,40074,400Operating expenses27,72016,120Income tax expense18,20010,200Net income$ 15,680$ 23,280Determine the company's gross profit rate and profit margin for both years. (Round answers todecimal place, e.g. 52.7%.)20222021Gross profit rate%%Profit margin

Gross Profit It is the profit that business makes after deduction of direct expenses related to…

Answered: Bramble Corp. reported the following in…

Business

Accounting

Bramble Corp. reported the following in its 2022 and 2021 income statements.

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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