Use the following information to calculate the Profit Margin Ratio for 2022: Income Statement Information Sales Revenue Cost of Goods Sold (COGS) Net Income Balance Sheet Information Current Assets Long-Term Assets Total Assets Current Liabilities Long-Term Liabilities Common Stock Retained Earnings 2022 2021 $10,500,00 $9,800,000 0 $7,560,000 $7,100,000 $420,000 $290,000 2022 2021 $2,100,000 $1,900,000 $3,500,000 $3,300,000 $5,600,000 $5,200,000 $1,300,000 $1,100,000 $2,000,000 $2,000,000 $800,000 $800,000 $1,500,000 $1,300,000 Total Liabilities & Stockholders' $5,600,000 $5,200,000 Equity Calculate the Profit Margin Ratio for Crescent Technologies for 2022.
Use the following information to calculate the Profit Margin Ratio for 2022: Income Statement Information Sales Revenue Cost of Goods Sold (COGS) Net Income Balance Sheet Information Current Assets Long-Term Assets Total Assets Current Liabilities Long-Term Liabilities Common Stock Retained Earnings 2022 2021 $10,500,00 $9,800,000 0 $7,560,000 $7,100,000 $420,000 $290,000 2022 2021 $2,100,000 $1,900,000 $3,500,000 $3,300,000 $5,600,000 $5,200,000 $1,300,000 $1,100,000 $2,000,000 $2,000,000 $800,000 $800,000 $1,500,000 $1,300,000 Total Liabilities & Stockholders' $5,600,000 $5,200,000 Equity Calculate the Profit Margin Ratio for Crescent Technologies for 2022.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Use the following information to calculate the Profit Margin Ratio for 2022:
Income Statement Information
Sales Revenue
Cost of Goods Sold (COGS)
Net Income
Balance Sheet Information
Current Assets
Long-Term Assets
Total Assets
Current Liabilities
Long-Term Liabilities
Common Stock
Retained Earnings
2022
2021
$10,500,00 $9,800,000
0
$7,560,000 $7,100,000
$420,000
$290,000
2022
2021
$2,100,000
$1,900,000
$3,500,000 $3,300,000
$5,600,000 $5,200,000
$1,300,000 $1,100,000
$2,000,000 $2,000,000
$800,000 $800,000
$1,500,000 $1,300,000
Total Liabilities & Stockholders' $5,600,000 $5,200,000
Equity
Calculate the Profit Margin Ratio for Crescent Technologies for 2022.
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