Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.)Increase/DecreaseRevenue20192018AmountPercentGross Sales$271,000$200, 500Less: Sales Returns14,20012,400and AllowancesNet Sales256,800188,100Cost of Goods SoldMerchandise Inventory31,90033,800Net Purchases60,30055,500Goods Available for Sale92,20089,300Less: Merchandise43,00060,200Inventory, Dec. 31Cost of Goods Sold49,20029,100207,600159,000Gross Margin

Comparative financial statements are helpful in analyzing the financial situation of the business…

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 $271.000 $200,500 Less: Sales Returns and Allowances 14,200 12,400 Net Sales 256,800 188.100 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Availoble for Sale 92,200 89,300 Less: Merchandise 43,000 60,200 Inventory, Dec. 31 Cost of Goods Sold 49,200 29,100 207,600 159,000 Gross Margin

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 $271.000 $200,500 Less: Sales Returns and Allowances 14,200 12,400 Net Sales 256,800 188.100 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Availoble for Sale 92,200 89,300 Less: Merchandise 43,000 60,200 Inventory, Dec. 31 Cost of Goods Sold 49,200 29,100 207,600 159,000 Gross Margin

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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