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Stuart Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Stuart Corporation's income statement components between the
Stuart Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Stuart Corporation's income statement components between the two years. (Negative amounts should be indicated by a minus sign. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) STUART CORPORATION Income Statements Percentage Change % Sales Cost of goods sold Gross margin Operating expenses Income before taxes Income taxes Net income (loss) Year 3 Year 2 $ 1,297,000 $ 1,002,500 797,655 601,500 499,345 401,000 300,500 199,000 198,845 202,000 61,200 52,400 $ 137,645 $ 149,600 %
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