General accounting question Consider the condensed income statement of Phoenix Enterprises:Year Sales COGS Gross Profit2023 $9,500,000 $7,125,000 $2,375,000Sales are expected to increase by 15% in 2024. If COGS varies directly with sales, what willbe the gross profit for 2024?

Step 1: Definition of Gross ProfitGross profit is calculated as the difference between Sales and…

Answered: Consider the condensed income statement…

Entrepreneurial Finance

6th Edition

ISBN:9781337635653

Author:Leach

Publisher:Leach

Chapter4: Preparing And Using Financial Statements

Section: Chapter Questions

Problem 1bM

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Is the company growing? Explain. Be sure to include the percentages you got Millions of US $ $-94 $-38 $-36 $52 $-28 $-33 $-28 Annual Net Income 2022 2021 2020 2019 2018 2017 2016 To calculate growth versus prior years, use this formula: (this year's number minus last year's number)/Last year's number). This will give you the percentage change from the previous year. • • From 2016 to 2017: ((-$33 million)-(-$28 million))/(-$28 million)) *100= 17.86% • From 2017 to 2018: ((-$28 million)-(-$33 million))/(-$33 million) *100= -15.15% From 2018 to 2019: (($52 million)-(-$28 million))/(-$28 million) *100= -285.71% From 2019 to 2020: ((-$36 million)-($52 million))/ ($52 million) *100= -169.23% ● From 2020 to 2021: ((-$38 million)-(-$36 million))/(-$36 million) *100= 5.56% From 2021 to 2022: ((-$94 million)-(-$38 million)/(-$38 million) *100= 147.36% • ●

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Consider the condensed income statement of Phoenix Enterprises: Year Sales COGS Gross Profit 2023 $9,500,000 $7,125,000 $2,375,000 Sales are expected to increase by 15% in 2024. If COGS varies directly with sales, what will be the gross profit for 2024?