---### Brief Exercise 18-07Coho Company had net income of $744,800 in 2020 and it experienced a 33% increase in net income over 2019.**What was its 2019 net income?**Net income of 2019 $__________---#### Details- There is no graph or diagram in the image.- The exercise involves calculating the 2019 net income given the 2020 net income and the percentage increase.---### InstructionsTo calculate the net income for 2019:1. Let the net income of 2019 be $ x $.2. According to the problem, 2020 net income is $744,800, which is a 33% increase over 2019.3. Therefore, $ x + 0.33x = 744,800 $.4. Simplifying, $ 1.33x = 744,800 $.5. Solving for $ x $, $ x = \frac{744,800}{1.33} $.### Submission- Use the calculator provided to complete your calculations.- Unlimited attempts are allowed.- You can save your progress and submit your answer later if needed.---### Tools and Resources- Calculator- Printer Version---### Actions- [SAVE FOR LATER]- [SUBMIT ANSWER]---

Given that net income for 2020 is increased 33% over the net income of 2019 Therefore, Net Income of…

Answered: Coho Company had net income of $744,800…

Coho Company had net income of $744,800 in 2020 and it experienced a 33% increase in net income over 2019. /hat was its 2019 net income?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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