Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following is a summary of information presented on the financial statements of a company on December 31, 2017. Account 2017 2016 Net Sales Revenue
The following is a summary of information presented on the financial statements of a company on December 31, 2017.
Account | 2017 | 2016 |
Net Sales Revenue | $601,000 | $500,000 |
Cost of goods sold | 456,000 | 405,000 |
Gross Profit | 145,000 | 95,000 |
Selling Expense | 51,000 | 53,0000 |
Net Income Before Income Tax Expense | 94,000 | 42,000 |
Income Tax Expense | 42,000 | 22,000 |
Net Income | $52,000 | $20,000 |
With respect to net sales revenue, a horizontal analysis reveals ________.
A. a 239.2% decrease in net sales revenue
B. a $51,000 increase in net sales revenue
C. a 20.2% increase in net sales revenue
D. a decrease of $51,000 in net sales revenue
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started