The following income statement and vertical analysis data are available for Riley Manufacturing: Riley Manufacturing Consolidated Income
Question:
The following income statement and vertical analysis data are available for Riley Manufacturing:
Riley Manufacturing
Consolidated Income Statements
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1. Suggest why net income declined from $273,200 to $41,600 while the cost of goods sold percentage decreased each year and selling and administrative expenses remained nearly constant.
2. Determine what could cause sales to decline while the gross margin percentage increases?
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Step by Step Answer:
1 Net income has declined primarily becausethe selling and administrative expenses as ...View the full answer
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