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Common-size and trend percentages for a company's net sales, cost of goods sold, and expenses follow: Common-Size Percentages Trend Percentages 2023 Net sales 100.0% 2022 100.0% 2021 2023 2022 2021 100.0% 108.5% 107.3% 100.0% Cost of goods sold Expenses 55.8 53.3 49.6 115.2 110.7 100.0 32.4 30.3 30.7 111.9 104.6 100.0 Required: a. Calculate the profit percentage for 2021, 2022 and 2023. (Round the final answers to 2 decimal places.) Profit Percentage 2021 2022 % % 2023 %

Common-size and trend percentages for a company's net sales, cost of goods sold, and expenses follow: Common-Size Percentages Trend Percentages 2023 Net sales 100.0% 2022 100.0% 2021 2023 2022 2021 100.0% 108.5% 107.3% 100.0% Cost of goods sold Expenses 55.8 53.3 49.6 115.2 110.7 100.0 32.4 30.3 30.7 111.9 104.6 100.0 Required: a. Calculate the profit percentage for 2021, 2022 and 2023. (Round the final answers to 2 decimal places.) Profit Percentage 2021 2022 % % 2023 %

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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Common-size and trend percentages for a company's net sales, cost of goods sold, and expenses follow: Common-Size Percentages Trend Percentages Net sales 2023 100.0% 2022 100.0% 2021 100.0% 2023 2022 2021 108.5% Cost of goods sold 55.8 53.3 49.6 Expenses 32.4 30.3 30.7 115.2 111.9 107.3% 110.7 104.6 100.0 100.0% 100.0 Required: a. Calculate the profit percentage for 2021, 2022 and 2023. (Round the final answers to 2 decimal places.) Profit Percentage 2021 % 2022 % 2023 %
Transcribed Image Text:Common-size and trend percentages for a company's net sales, cost of goods sold, and expenses follow: Common-Size Percentages Trend Percentages Net sales 2023 100.0% 2022 100.0% 2021 100.0% 2023 2022 2021 108.5% Cost of goods sold 55.8 53.3 49.6 Expenses 32.4 30.3 30.7 115.2 111.9 107.3% 110.7 104.6 100.0 100.0% 100.0 Required: a. Calculate the profit percentage for 2021, 2022 and 2023. (Round the final answers to 2 decimal places.) Profit Percentage 2021 % 2022 % 2023 %
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