Question

Financial information is presented here for two companies. King Company Queen Company Sales revenue $56,000 ?...

Financial information is presented here for two companies.
King Company Queen Company
Sales revenue $56,000 ?
Sales returns and allowances ? 5,000
Net sales 50,000 80,000
Cost of goods sold 33,000 ?
Gross profit ? 32,000
Operating expenses 12,000 ?
Net income ? 14,000
Compute the missing amounts.
King Company Queen Company
Sales revenue $56,000 $
Sales returns and allowances $ 5,000
Net sales 50,000 80,000
Cost of goods sold 33,000 $
Gross profit $ 32,000
Operating expenses 12,000 $
Net income $ 14,000

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Calculate the profit margin and the gross profit rate for each company. (Round answers to 2 decimal places, e.g. 15.25%.)
King Company Queen Company
Profit margin % %
Gross profit rate % %
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Homework Answers

Answer #1
King Company Queen Company
Sales revenue (5000+80000) $56,000.00 $85,000.00
Sales returns and allowances
(56000-50000)		 $6,000.00 $5,000.00
Net sales $50,000.00 $80,000.00
Cost of goods sold
(80000-32000)		 $33,000.00 $48,000.00
Gross profit (50000-33000) $17,000.00 $32,000.00
Operating expenses
(32000-14000)		 $12,000.00 $18,000.00
Net income $5,000.00 $14,000.00
Profit Margin Ratio
(Net Income / Net Sales)		 10.00% 17.50%
Gross Proffit Rate
(Gross Profit/ Net Sales)		 34.00% 40.00%
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