25
points
ebook
Fanning Corporation reported the following operating results for two consecutive years:
Required
a. Compute the percentage changes in Fanning 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).)
FANNING CORPORATION
Hint
Income Statements
Princ
Year 3
Year 2
Percentage
Change
References
Sales
$ 1,298,000 $ 1,001,000
%
Cost of goods sold
798,270
600,600
Gross margin
499,730
400,400
Operating expenses
302,000
195,000
Income before taxes
197,730
205,400
Income taxes
61,700
52,200
Net Income (loss)
$ 136,030 $ 153,200
%