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Question - Dr. Zhivàgo Diagnostics Corp. income statements for 20X1 are as follows:
Sales $2,790,000
Cost of goods sold 1,790,000
Gross profit 1,000,000
Selling and administrative expense 302,000
Operating profit 698,000
Interest expense 54,800
Income before taxes 643,200
Taxes (30%) 192,960
Income after taxes $450,240
Required -
a. Compute the profit margin for 20X1.
b. Assume that in 20X2, sales increase by 5 percent and cost of goods sold increases by 10 percent. The firm is able to keep all other expenses the same. Assume a tax rate of 30 percent on income before taxes. What is income after taxes and the profit margin for 20X2?
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