The Haines Corporation shows the following financial data for 20X1 and 20X2: 20X2 $ 3,860,000...
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The Haines Corporation shows the following financial data for 20X1 and 20X2: 20X2 $ 3,860,000 2,570,000 $ 1,290,000 223,000 $ 1,067,000 52,900 $1,014,100 354,935 $ 659,165 Sales Cost of goods sold Gross profit Selling & administrative expense Operating profit Interest expense Income before taxes Taxes (35%) Income after taxes 20X1 $ 3,160,000 2,360,000 $ 800,000 287,000 $ 513,000 41,200 $ 471,800 165, 130 $ 306,670 For each year, compute the following ratios and indicate how the change in each ratio will affect profitability in 20X2. Note: Input your answers as a percent rounded to 2 decimal places. a. Cost of goods sold to sales b. Selling and administrative expense to sales c. Interest expense to sales 20X1 % % % 20X2 % % % Profitability
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