Net income was $438,600 in the current year and $365,000 in the prior year. The year-to-year percentage change in net income is closest to:

1. 83%.

2. 17%.

3. 20%.

4. 51%.

The following information is taken from the financial statements of a company for the current year:

Current assets	$395,000
Total assets	890,000
Cost of good sold	650,000
Gross Profit	200,000
Net income	120,000

2. value: 2.00 points Required information

On a common size income statement for the year, what is the percentage that would be shown next to the dollar amount of sales revenue?

1. 100%

2. 14%

3. 60%

4. Cannot be determined

3. value: 2.00 points Required information

What is the gross profit percentage for the current year (rounded to the nearest whole percent)?

1. 31% 2. 24% 3. 60% 4. 76% 4. value: 2.00 points Required information

On a common size income statement for this year, what is the percentage that would be shown next to the dollar amount of cost of goods sold?

1. 76% 2. 18% 3. 24%

A company's comparative balance sheet show total assets of $990,000 and $900,000, for the current and prior years, respectively. The percentage change to be reported in the horizontal analysis is an increase of: 1. 10%.

2. 9%.

3. 5%.

4. 4%.