Problem Apex Corporation reported a net income of $742,500 in 2023,which represents a 15% increase from its 2022 net income.Determine the company's net income in 2022.

Step 1: Formula 2023 Net income = 2022 Net income x (100% + Percentage increase)2022 Net income =…

Answered: Apex Corporation reported a net income…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 54CE

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Apex Corporation reported a net income of $742,500 in 2023, which represents a 15% increase from its 2022 net income. Determine the company's net income in 2022.