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Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.)       Increase/Decrease Revenue 2019 2018 Amount Percent     Gross Sales $277,000 $200,100 $   %     Less: Sales Returns     and Allowances 14,200 12,400     Net Sales 262,800 187,700     Cost of Goods Sold           Merchandise Inventory 31,900 33,800         Net Purchases 60,300 55,500         Goods Available for Sale 92,200 89,300         Less: Merchandise     Inventory, Dec. 31 43,000 60,200     Cost of Goods Sold 49,200 29,100     Gross Margin 213,600 158,600

Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.)       Increase/Decrease Revenue 2019 2018 Amount Percent     Gross Sales $277,000 $200,100 $   %     Less: Sales Returns     and Allowances 14,200 12,400     Net Sales 262,800 187,700     Cost of Goods Sold           Merchandise Inventory 31,900 33,800         Net Purchases 60,300 55,500         Goods Available for Sale 92,200 89,300         Less: Merchandise     Inventory, Dec. 31 43,000 60,200     Cost of Goods Sold 49,200 29,100     Gross Margin 213,600 158,600

FINANCIAL ACCOUNTING
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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Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.)
      Increase/Decrease
Revenue 2019 2018 Amount Percent
    Gross Sales $277,000 $200,100 $   %
    Less: Sales Returns
    and Allowances		 14,200 12,400    
Net Sales 262,800 187,700    
Cost of Goods Sold      
    Merchandise Inventory 31,900 33,800    
    Net Purchases 60,300 55,500    
    Goods Available for Sale 92,200 89,300    
    Less: Merchandise
    Inventory, Dec. 31		 43,000 60,200    
Cost of Goods Sold 49,200 29,100    
Gross Margin 213,600 158,600
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