Please fill out every box ### Net Income AnalysisNet income figures for the years 2020, 2021, and 2022 are as follows:- **2020:** $520,000- **2021:** $442,000- **2022:** $525,980**Question:** Calculate the percentage change in net income for the following periods: - (a) From 2020 to 2021- (b) From 2021 to 2022Indicate whether the change is an increase or a decrease. Enter negative amounts using either a negative sign preceding the number (e.g., -45) or in parentheses (e.g., (45)). Round percentages to one decimal place (e.g., 12.3%).#### Table: Increase or (Decrease)| | Amount | Percentage ||-----------|--------|------------|| (a) 2020–2021 | | || (b) 2021–2022 | | |Please fill in the table with the calculated values.

Net income % can be calculated as follows; (Given year's net income -The prior year's net income) /…

Net income was $520,000 in 2020, $442,000 in 2021, and $525,980 in 2022. What is the percentage of change (a) from 2020 to 2021, and (b) from 2021 to 2022? Is the change an increase or a decrease? (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45). Round percentages to 1 decimal place, e.g. 12.3%.) Increase or (Decrease) Amount Percentage (a) 2020-2021 (b) 2021-2022

Net income was $520,000 in 2020, $442,000 in 2021, and $525,980 in 2022. What is the percentage of change (a) from 2020 to 2021, and (b) from 2021 to 2022? Is the change an increase or a decrease? (Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45). Round percentages to 1 decimal place, e.g. 12.3%.) Increase or (Decrease) Amount Percentage (a) 2020-2021 (b) 2021-2022

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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