The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation: Recent Year Prior Year Revenue $792,379 $721,000 Operating expenses 752,372 692,000 Operating income $40,007 $29,000 a. For Costco, determine the amount of change in millions and the percent of change from the prior year to the recent year for: Revenue Operating expenses Operating income (For those boxes in which you must enter negative numbers use a minus sign. Round percentage answers to one decimal place.) Amount of Change (in millions) Percent of Change (round to 1 decimal place) Increase or Decrease 1. Revenue $fill in the blank 1 fill in the blank 2% 2. Operating expenses $fill in the blank 4 fill in the blank 5% 3. Operating income $fill in the blank 7 fill in the blank 8% b. During the recent year, . c. The operating results of Target Corporation for the recent year are provided below. Amount of Change Percent of Change Increase or Decrease 1. Revenue $9,279 9.6 % Increase 2. Operating expenses $6,137 8.5 % Increase 3. Operating income $3,692 14.8 % Increase How should the operating results of Target and Costco for the recent year be evaluated? .

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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The following data (in millions) were taken from the financial statements of Costco Wholesale Corporation:

	Recent Year	Prior Year
Revenue	$792,379		$721,000
Operating expenses	752,372		692,000
Operating income	$40,007		$29,000

a. For Costco, determine the amount of change in millions and the percent of change from the prior year to the recent year for:

Revenue
Operating expenses
Operating income

(For those boxes in which you must enter negative numbers use a minus sign. Round percentage answers to one decimal place.)

	Amount of Change (in millions)	Percent of Change (round to 1 decimal place)	Increase or Decrease
1. Revenue	$fill in the blank 1	fill in the blank 2%
2. Operating expenses	$fill in the blank 4	fill in the blank 5%
3. Operating income	$fill in the blank 7	fill in the blank 8%

b. During the recent year, .

c. The operating results of Target Corporation for the recent year are provided below.

	Amount of Change	Percent of Change	Increase or Decrease
1. Revenue	$9,279	9.6 %	Increase
2. Operating expenses	$6,137	8.5 %	Increase
3. Operating income	$3,692	14.8 %	Increase

How should the operating results of Target and Costco for the recent year be evaluated?

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