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Question - Dr. Gupta Diagnostics' income statement for 20XX is as follows:
Sales $2,530,000
Cost of goods sold 1,610,000
Gross profit 920,000
Selling and administrative expense 308,000
Operating profit 612,000
Interest expense 57,600
Income before taxes 554,400
Taxes (30%) 166,320
Income after taxes $388,080
Required -
a. Compute the profit margin in 20XX.
b. Assume in 20XY sales increase by 10 percent and cost of goods sold increases by 20 percent. The firm is able to keep all other expenses the same. Once again, assume a tax rate of 30 percent. What are the income after taxes and profit margin in 20XY?
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