None McCormick Corporation reported the following on its comparative income statement:(in millions)201720162015Revenue$ 13,413 $ 13,15012,500Cost of sales3,060 $ 3,0002,500Perform a horizontal analysis of revenues and gross profit-both in dollar amounts and in percentages-for2017 and 2016. (Round your answers to two decimal places. Use a minus sign or parentheses to represent adecrease in amount or percentage.)McCormick CorporationComparative Income StatementFor The Years Ended December 31, 2017 and 2016Increase/(Decrease)(amounts in millions)20172016201720162015 ChangePercentageChangeRevenue$ 13,413 $13,150 $ 12,5006505.2 %913Percentage7.30 %3,0603,000 2,500Cost of SalesGross Profit$ 10,353 $ 10,150 $10,000-150-1.5%3533.53%

The changes are computed by deducting the difference of the current year and its previous year.2017…

Answered: McCormick Corporation reported the…

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter3: The Adjusting Process

Section: Chapter Questions

Problem 29E

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