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(solution) In a trend income statement where 2014 is the base year, sales


In a trend income statement where 2014 is the base year, sales for 2016 are expressed as

a.

87.2%.

b.

100.0%.

c.

114.7%.

d.

148.7%.

Manero Company included the following information in its annual report:


  2016 2015 2014
Sales  $178,400 $162,500   $155,500
Cost of goods sold 115,000 102,500 100,000
Operating expenses 50,000 50,000 45,000
Net income 13,400 10,000 10,500

Refer to Manero. In a common size income statement for 2016, the operating expenses are expressed as


a.

28.0%.

b.

30.3%.

c.

43.8%.

d.

100.0%.


In a trend income statement where 2014 is the base year, sales for 2014 are expressed as

a.

84.4%.

b.

92.6%.

c.

100.0%.

d.

150.5%.




 


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DATE ANSWERED

Sep 13, 2020

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