Please do not give solution in image format thanku r. Gupta Diagnostics' income statement for 20XX is as follows:SalesCost of goods soldGross profitSelling and administrative expenseOperating profitInterest expenseIncome before taxesTaxes (30%)Income after taxes20XY$2,440,0001,460,000Income after taxes $Profit margin%980,000373,000607,00053,500553,500166,050a. Compute the profit margin in 20XX. (Round the final answer to 2 decimal places.)Profit margin%b. Assume in 20XY sales increase by 10 percent and cost of goods sold increases by 20 percent. The firm is able to keep allother expenses the same. Once again, assume a tax rate of 30 percent. What are the income after taxes and profit marginin 20XY? (Round the profit margin to 2 decimal places.)$387,450

Income statement is a financial statement that shows profitability, total revenue and total…

Answered: r. Gupta Diagnostics' income statement…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 87PSB

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The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Please answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0
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