Exercise 13-5 Determining income effects from common-size and trend percents LO P1, P2Common-size and trend percents for Rustynail Company's sales, cost of goods sold, and expenses follow.Common-Size Percents1 Yr Ago100.0%Trend Percents1 Yr Ago103.0%2 Yrs Ago100.0%100.0100.0Current Yr100.0%2 Yrs Ago100.0%Current Yr104.2%SalesCost of goods soldTotal expenses116.5105.756.6111.263.361.114.1100.814.313.8Determine 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 NetIncomeNet IncomeDetermine the net income for the following years. (Enter all amounts as positive values.)Current Yr1 Yr Ago2 Yrs AgoSales24100,000 $100,000 $100,00063,30061,10056,600Cost of Goods Sold...Prev1 of 8Next >........... 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.mokChange in NetIncomeNet IncomentDetermine the net income for the following years. (Enter all amounts as positive values.)ntencesCurrent Yr1 Yr Ago2 Yrs AgoSales24100,000 $100,000 $100,00063,30036,700Cost of Goods Sold61,10056,600Total Expenses38,90014,100Net Income2$0 $0 $29,300K Net incomeChange in Net Income>...Prev1 of 8Next >

Net Income- The net income is the amount left over after all deductions have been made. The…

Common-size and trend percents for Rustynail Company's sales, čost of goous Common-Size Percents 1 Yr Ago Trend Percents 1 Yr Ago 103.0% 2 Yrs Ago 100.0% 100.0 Current Yr 100.0% 2 Yrs Ago 100.0% Current Yr 104.2% Sales Cost of goods sold Total expenses 100.0% 56.6 116.5 111.2 63.3 14.3 61.1 14.1 105.7 100.8 100.0 13.8 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period?

Common-size and trend percents for Rustynail Company's sales, čost of goous Common-Size Percents 1 Yr Ago Trend Percents 1 Yr Ago 103.0% 2 Yrs Ago 100.0% 100.0 Current Yr 100.0% 2 Yrs Ago 100.0% Current Yr 104.2% Sales Cost of goods sold Total expenses 100.0% 56.6 116.5 111.2 63.3 14.3 61.1 14.1 105.7 100.8 100.0 13.8 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period?

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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