Review the following Income Statements for 2020 and 2021. Describe at least three possible reasons for the changes that occurred in 2021. Be creative! Service Revenue Operating Expenses: Salaries Expense Rent Expense Total Expenses Net Income Daisy Mae Company Income Statement 2021 $50,000 15,000 5,000 20,000 $30,000 2020 $25,000 10,000 5,000 15,000 $10,000

Review the following Income Statements for 2020 and 2021. Describe at least three possible reasons for the changes that occurred in 2021. Be creative! Service Revenue Operating Expenses: Salaries Expense Rent Expense Total Expenses Net Income Daisy Mae Company Income Statement 2021 $50,000 15,000 5,000 20,000 $30,000 2020 $25,000 10,000 5,000 15,000 $10,000

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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Question

Review the following Income Statements for 2020 and 2021. Describe at least three possible reasons for the changes that occurred in 2021. Be
creative!
Service Revenue
Operating Expenses:
Salaries Expense
Rent Expense
Total Expenses
Net Income
Daisy Mae Company
Income Statement
2021
$50,000
15,000
5,000
20,000
$30,000
2020
$25,000
10,000
5,000
15,000
$10,000

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