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) / The prior year's net income x 100Given information: Net income in 2020 =$520,000 Net income in 2021 =$442,000 Net income in 2022 =$525,980 Increase or decrease in net income (2020 -2021) = $442,000 - $520,000 = -$78,000 (decrease) Percentage decrease in net income (2020-2021)= ($-78,000 /$520,000) x 100 = -15% Increase or decrease in net income (2021 -2022) = $525,980 -$442,000 = $83,980 (increase) Percentage increase in income (2021-2022) =($83,980 /$442,000) x 100 =19 % INCREASE OR (DECREASE) YEAR AMOUNT PERCENTAGE 2020-2021 -$78,000 -15% DECREASE 2021-2022 $83,980 19% INCREASE conclusion: Therefore % changes in net income in 2020 -2021 = (15%) which is a decrease in net income % changes in net income (2021-2022) = 19% which is an increase in net income

Business

Accounting

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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