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Pina Colada Corp. reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 $156,000 93,600 29,640 18,400 $14,360 2021 $126,000 75,600 17,640 10,400 $22,360 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.)

Pina Colada Corp. reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 $156,000 93,600 29,640 18,400 $14,360 2021 $126,000 75,600 17,640 10,400 $22,360 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.)

FINANCIAL ACCOUNTING
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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Pina Colada Corp. reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 $156,000 93,600 29,640 18,400 $14.360 2021 $126,000 75,600 17,640 10,400 $22,360 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.)
Transcribed Image Text:Pina Colada Corp. reported the following in its 2022 and 2021 income statements. Net sales Cost of goods sold Operating expenses Income tax expense Net income 2022 $156,000 93,600 29,640 18,400 $14.360 2021 $126,000 75,600 17,640 10,400 $22,360 Determine the company's gross profit rate and profit margin for both years. (Round answers to 1 decimal place, e.g. 52.7%.)
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