Bramble Corp. reported the following in its 2025 and 2024 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income Gross profit rate 2025 $154,000 86,240 27,720 21,560 $18,480 Profit margin 2024 $124,000 69,440 16,120 (a1) Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg. 52.7%) 13,640 $24,800 2024
Bramble Corp. reported the following in its 2025 and 2024 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income Gross profit rate 2025 $154,000 86,240 27,720 21,560 $18,480 Profit margin 2024 $124,000 69,440 16,120 (a1) Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg. 52.7%) 13,640 $24,800 2024
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![Bramble Corp. reported the following in its 2025 and 2024 income statements.
Net sales
Cost of goods sold
Operating expenses
Income tax expense
Net income
Gross profit rate
2025
$154,000
86,240
27,720
21,560
$18,480
(a1) Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg. 52.7%)
Profit margin
2024
$124,000
69,440
16,120
13,640
$24,800
2025
2024
%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd68c1a7b-6b66-4c68-b2f1-650405855849%2Ffce8636e-d835-4e10-8655-0706e90ab374%2Fbzl3en_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Bramble Corp. reported the following in its 2025 and 2024 income statements.
Net sales
Cost of goods sold
Operating expenses
Income tax expense
Net income
Gross profit rate
2025
$154,000
86,240
27,720
21,560
$18,480
(a1) Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, eg. 52.7%)
Profit margin
2024
$124,000
69,440
16,120
13,640
$24,800
2025
2024
%
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