Common-size and trend percents for Rustynail Company's sales, cost of goods sold, and expenses follow. Common-Size Percents 1 Yr Ago 100.0% Trend Percents 1 Yr Ago 103. 74 110.5 101.5 Current Yr 2 Yrs Ago Current Yr Sales Cost of goods sold Total expenses 100.0% 63.6 14.4 61.4 13.9 100.0% 57.6 14.2 104.9% 115.8 106.5 2 Yrs Ago 100.0% 100.0 100.0 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period? Complete this question by entering your answers in the tabs below. Change in Net Income Net Income Determine the net income for the following years. (Enter all amounts as positive values.) 1 Yr Ago 2 Yrs Ago Current Yr Sales %24 100,000 Cost of Goods Sold 57,600 Total Expenses 14,200 Net Income 28,200 Change in Net incom scome > Did the net income increase, decrease, or remain unchanged in this three-year period? Did the net income increase, decrease, or remain unchanged in this three-year period? Net income decreased (Net income Cha

Common-size and trend percents for Rustynail Company's sales, cost of goods sold, and expenses follow. Common-Size Percents 1 Yr Ago 100.0% Trend Percents 1 Yr Ago 103. 74 110.5 101.5 Current Yr 2 Yrs Ago Current Yr Sales Cost of goods sold Total expenses 100.0% 63.6 14.4 61.4 13.9 100.0% 57.6 14.2 104.9% 115.8 106.5 2 Yrs Ago 100.0% 100.0 100.0 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period? Complete this question by entering your answers in the tabs below. Change in Net Income Net Income Determine the net income for the following years. (Enter all amounts as positive values.) 1 Yr Ago 2 Yrs Ago Current Yr Sales %24 100,000 Cost of Goods Sold 57,600 Total Expenses 14,200 Net Income 28,200 Change in Net incom scome > Did the net income increase, decrease, or remain unchanged in this three-year period? Did the net income increase, decrease, or remain unchanged in this three-year period? Net income decreased (Net income Cha

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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0099.
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