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Sales Cost of goods sold Operating expenses Common-Size Percents Current Year 100.0% 63.6 14.2 1 Year Ago 100.0% 61.4 13.7 2 Years Ago 100.0% 58.1 14.0 Trend Percents 1 Year Ago 102.5% 108.3 100.3 Current Year 103.7% 113.5 105.2 2 Years Ago 100.0% 100.0 100.0 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period?

Sales Cost of goods sold Operating expenses Common-Size Percents Current Year 100.0% 63.6 14.2 1 Year Ago 100.0% 61.4 13.7 2 Years Ago 100.0% 58.1 14.0 Trend Percents 1 Year Ago 102.5% 108.3 100.3 Current Year 103.7% 113.5 105.2 2 Years Ago 100.0% 100.0 100.0 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period?

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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Sales Cost of goods sold Operating expenses Common-Size Percents Current Year 100.0% 63.6 14.2 1 Year Ago 100.0% 61.4 13.7 2 Years Ago 100.0% 58.1 14.0 Trend Percents 1 Year Ago 102.5% 108.3 100.3 Current Year 103.7% 113.5 105.2 2 Years Ago 100.0% 100.0 100.0 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period?
Transcribed Image Text:Sales Cost of goods sold Operating expenses Common-Size Percents Current Year 100.0% 63.6 14.2 1 Year Ago 100.0% 61.4 13.7 2 Years Ago 100.0% 58.1 14.0 Trend Percents 1 Year Ago 102.5% 108.3 100.3 Current Year 103.7% 113.5 105.2 2 Years Ago 100.0% 100.0 100.0 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period?
Complete this question by entering your answers in the tabs below. Change in Net Income Net Income Determine the net income for the following years. Assuming sales were $100,000 2 yrs ago, what is net income in each year? Note: Enter all amounts as positive values. Sales Cost of Goods Sold Operating Expenses Net Income Answer is not complete. Current Year 66,010 1 Year Ago 62,973 2 Years Ago $ 100,000 58,100 14,000 27,900 $
Transcribed Image Text:Complete this question by entering your answers in the tabs below. Change in Net Income Net Income Determine the net income for the following years. Assuming sales were $100,000 2 yrs ago, what is net income in each year? Note: Enter all amounts as positive values. Sales Cost of Goods Sold Operating Expenses Net Income Answer is not complete. Current Year 66,010 1 Year Ago 62,973 2 Years Ago $ 100,000 58,100 14,000 27,900 $
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