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If Underwood Company had net income of $561,600 in 2012 and it experienced a 17% increase in net income over 2011, what was its 2011 net income?

If Underwood Company had net income of $561,600 in 2012 and it experienced a 17% increase in net income over 2011, what was its 2011 net income?

Managerial Accounting
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter16: Financial Statement Analysis
Section: Chapter Questions
Problem 3DQ
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Financial accounting

If Underwood Company had net income of $561,600 in 2012 and it experienced a 17% increase in net income over 2011, what was its 2011 net income?
Transcribed Image Text:If Underwood Company had net income of $561,600 in 2012 and it experienced a 17% increase in net income over 2011, what was its 2011 net income?
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