What were gross profit rate (aka gross profit margin for 2023 and 2022? Based on this metric only, did Nike Inc. profitability improved or not. In millions Net sales Cost of sales Gross profit Demand creation expense Nike Inc. Income Statement For year ended May 31 Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense NET INCOME Gross profit rate improved from 44% to 46% Gross profit rate dropped from 46% to 44% Gross profit rate improved from 10% to 13% Gross profit rate improved by $813 2023 2022 $ 51,217 $ 46,710 28,925 25,231 22,292 21,479 4,060 3,850 12,317 10,954 16,377 (6) (280) 6,201 1,131 $ 5,070 14,804 205 (181) 6,651 605 $6,046 2021 $ 44,538 24,576 19,962 3,114 9,911 13,025 262 14 6,661 934 $5,727

What were gross profit rate (aka gross profit margin for 2023 and 2022? Based on this metric only, did Nike Inc. profitability improved or not. In millions Net sales Cost of sales Gross profit Demand creation expense Nike Inc. Income Statement For year ended May 31 Operating overhead expense Total selling and administrative expense Interest expense (income), net Other (income) expense, net Income before income taxes Income tax expense NET INCOME Gross profit rate improved from 44% to 46% Gross profit rate dropped from 46% to 44% Gross profit rate improved from 10% to 13% Gross profit rate improved by $813 2023 2022 $ 51,217 $ 46,710 28,925 25,231 22,292 21,479 4,060 3,850 12,317 10,954 16,377 (6) (280) 6,201 1,131 $ 5,070 14,804 205 (181) 6,651 605 $6,046 2021 $ 44,538 24,576 19,962 3,114 9,911 13,025 262 14 6,661 934 $5,727

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Description: What were gross profit rate (aka gross profit margin for 2023 and 2022? Based on this metric only,did Nike Inc. profitability improved or not.Nike Inc.Income StatementFor year ended May 31In millionsNet salesCost of salesGross profitDemand creation

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

What were gross profit rate (aka gross profit margin for 2023 and 2022? Based on this metric only,
did Nike Inc. profitability improved or not.
Nike Inc.
Income Statement
For year ended May 31
In millions
Net sales
Cost of sales
Gross profit
Demand creation expense
Operating overhead expense
Total selling and administrative expense
Interest expense (income), net
Other (income) expense, net
Income before income taxes
Income tax expense
NET INCOME
Gross profit rate improved from 44% to 46%
Gross profit rate dropped from 46% to 44%
Gross profit rate improved from 10% to 13%
Gross profit rate improved by $813
2023
2022
$ 51,217 $ 46,710
28,925
25,231
22,292
21,479
4,060
12,317
16,377
(6)
(280)
6,201
1,131
$ 5,070
3,850
10,954
14,804
205
(181)
$
2021
44,538
24,576
19,962
3,114
9,911
13,025
262
14
6,651
6,661
605
934
$ 6,046 $ 5,727

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