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Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period?

Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period?

FINANCIAL ACCOUNTING
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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Dinesh Bhai 

Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow. Common-Size Percents Trend Percents Current Year 1 Year 2 Years Current 1 Year 2 Years Sales 100.0% Ago 100.0% Ago 100.0% Year Ago Ago 105.4% 104.2% 100.0% Cost of goods sold 63.4 61.9 Operating expenses 15.3 14.8 59.1 15.1 113.1 106.8 109.1 100.0 102.1 100.0 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. Assuming sales were $100,000 2 yrs ago, what is net income in each year? Note: Enter all amounts as positive values. Sales Cost of Goods Sold Operating Expenses Net Income Current Year 1 Year Ago 2 Years Ago $ 100,000 59,100 15,100 $ 25,800 < Change in Net Income Net Income
Transcribed Image Text:Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow. Common-Size Percents Trend Percents Current Year 1 Year 2 Years Current 1 Year 2 Years Sales 100.0% Ago 100.0% Ago 100.0% Year Ago Ago 105.4% 104.2% 100.0% Cost of goods sold 63.4 61.9 Operating expenses 15.3 14.8 59.1 15.1 113.1 106.8 109.1 100.0 102.1 100.0 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. Assuming sales were $100,000 2 yrs ago, what is net income in each year? Note: Enter all amounts as positive values. Sales Cost of Goods Sold Operating Expenses Net Income Current Year 1 Year Ago 2 Years Ago $ 100,000 59,100 15,100 $ 25,800 < Change in Net Income Net Income
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