Fulton Corporation reported a net income of $472,500 in 2023. This represents a 20% increase in net income compared to 2022. What was its net income in 2022?

SWFT Essntl Tax Individ/Bus Entities 2020
23rd Edition
ISBN:9780357391266
Author:Nellen
Publisher:Nellen
Chapter8: Property Transactions: Capital Gains And Losses, Section 1231 And Recapture Provisions
Section: Chapter Questions
Problem 35P
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What was it's net income in 2022 on these general accounting question?

Fulton Corporation reported a net income of
$472,500 in 2023. This represents a 20%
increase in net income compared to 2022. What
was its net income in 2022?
Transcribed Image Text:Fulton Corporation reported a net income of $472,500 in 2023. This represents a 20% increase in net income compared to 2022. What was its net income in 2022?
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