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In its income statement for the year ended December 31, 2022, Sunland Company reported the following condensed data.
Salaries and wages expenses $474,300 Loss on disposal of plant assets $85,170
Cost of goods sold 1,006,740 Sales revenue 2,254,200
Interest expense 72,420 Income tax expense 25,500
Interest revenue 66,300 Sales discounts 163,200
Depreciation expense 316,200 Utilities expense 112,200
Calculate the profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 15%.)
Profit margin Enter the profit margin in percentages rounded to one decimal place %
Gross profit rate Enter the gross profit rate in percentages rounded to one decimal place %

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       Sunland Company

   Multi Step Income Statement

For the Year Ended December 31, 2022    

Net sales                                                                          $ 2,200,000

Less: Cost of goods sold                                                 ($ 1,257,000)

Gross margin / Profit                                                            $ 943,000

Less: Operating expenses                                                  ($ 722,000)

Income from operations                                                         $ 221,000

Other revenues and gains:    

Interest revenue                                                                     $ 35,000

Other expenses ans losses:    

Interest expense                                          ($ 72,000)  

Loss on disposal of plant assets                  ($ 18,000)           ($ 90,000)

Income before income taxes                                             $ 166,000

Income taxes expenses                                                         ($ 46,000)

Net income                                                                            $ 120,000

Sunland Company

Comprehensive Income Statement

For the Year Ended December 31, 2022    

Net income                                                                   $ 120,000

Add: Other comprehensive income                            $ 8,400

Comprehensive income                                            $ 128,400

Net income (NI), also called net earnings, is calculated as sales minus cost of goods sold, selling, general and administrative expenses, operating expenses, depreciation, interest, taxes, and other expenses. It is a useful number for investors to assess how much revenue exceeds the expenses of an organization. This number appears on a company's income statement and is also an indicator of a company's profitability.

Learn more about Net income (NI) here

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