Item Net Sales Cost of Goods Sold Gross Profit (a) Item Net Sales Cost of Goods Sold 2026 $363.515 244,080 Compute the amount and percentage change from 2024 to 2025. (Round percentages to 1 decimal place, es Gross Profit 226,000 $119,435 $107,500 2025 $333,500 SA $ 2024 $290,000 200,000 $90,000 Amount Percentage

Item Net Sales Cost of Goods Sold Gross Profit (a) Item Net Sales Cost of Goods Sold 2026 $363.515 244,080 Compute the amount and percentage change from 2024 to 2025. (Round percentages to 1 decimal place, es Gross Profit 226,000 $119,435 $107,500 2025 $333,500 SA $ 2024 $290,000 200,000 $90,000 Amount Percentage

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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Question

The following items were taken from the financial statements of Sheridan, Inc., over a three-year period:
Item
Net Sales
Cost of Goods Sold
Gross Profit
(a)
Compute the amount and percentage change from 2024 to 2025. (Round percentages to 1 decimal place, e.g. 1
Item
Net Sales
Cost of Goods Sold
2026
2025
2024
$363,515
$333,500
$290,000
244,080 226,000
200,000
$119,435 $107,500 $90,000
Gross Profit
S
$
Amount
Percentage
%6
%
%

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Compute the amount and percentage change from 2025 to 2026. (Round percentages to 1 decimal place, e.g. 17.5%. If amount and
percentage are a decrease show the numbers as negative, e.g. -55,000, -52.7% or (55,000), (52.7%).)
Item
Net Sales
Cost of Goods Sold
Gross Profit
$
Amount
Percentage
%
%
%

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