Please do not give solution in image format thanku Dr. Zhivago Diagnostics Corporation's income statement for 20X1 is as follows:$ 2,440,0001,460,000SalesCost of goods soldGross profitSelling and administrative expenseOperating profitInterest expenseIncome before taxesTaxes (30%)Income after taxesProfit margina. Compute the profit margin for 20X1.Note: Input the profit margin as a percent rounded to 2 decimal places.Income after taxesProfit margin$ 980,000373,000$607,000b. Assume that in 20X2, sales increase by 10 percent and cost of goods sold increases by 20 percent. The firm is able to keep allother expenses the same. Assume a tax rate of 30 percent on income before taxes. What is income after taxes and the profit marginfor 20X2?Note: Input the profit margin as a percent rounded to 2 decimal places.20X253,500$ 553,500166,050$ 387,450%

INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Dr. Zhivago Diagnostics Corporation's income statement for 20X1 is as follows: $ 2,440,000 1,460,000 Sales Cost of goods sold Gross profit Selling and administrative expense Operating profit Interest expense Income before taxes Taxes (30%) Income after taxes $ 980,000 373,000 $ 607,000 53,500 Profit margin $ 553,500 166,050 $ 387,450 a. Compute the profit margin for 20X1. Note: Input the profit margin as a percent rounded to 2 decimal places. b. Assume that in 20X2, sales increase by 10 percent and cost of goods sold increases by 20 percent. T other expenses the same. Assume a tax rate of 30 percent on income before taxes. What is income an for 20X2? Note: Input the profit margin as a percent rounded to 2 decimal places.

Dr. Zhivago Diagnostics Corporation's income statement for 20X1 is as follows: $ 2,440,000 1,460,000 Sales Cost of goods sold Gross profit Selling and administrative expense Operating profit Interest expense Income before taxes Taxes (30%) Income after taxes $ 980,000 373,000 $ 607,000 53,500 Profit margin $ 553,500 166,050 $ 387,450 a. Compute the profit margin for 20X1. Note: Input the profit margin as a percent rounded to 2 decimal places. b. Assume that in 20X2, sales increase by 10 percent and cost of goods sold increases by 20 percent. T other expenses the same. Assume a tax rate of 30 percent on income before taxes. What is income an for 20X2? Note: Input the profit margin as a percent rounded to 2 decimal places.

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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