c Gibson Corporation reported the following operating results for two consecutive years:Requireda. Compute the percentage changes in Gibson Corporation's Income statement components between the two years.Note: Negative amounts should be Indicated by a minus sign. Round your answers to 1 decimal place. (I.e., .234 should be enteredas 23.4).SalesCost of goods soldGross marginOperating expensesIncome before taxesincome taxesNet income oss)GIBSON CORPORATIONIncome StatementsYear 2$ 1,295.000 $ 1,002.000798.425801.200498,575400.800302.500198.0001986.075201.80061,20052.300134.875 $PercentageChangeI196

Percentage change = (year 3 values - year 2 values)/year 2 values) ×100Percentage change for sales =…

Gibson Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Gibson Corporation's Income statement components between the two years. Note: Negative amounts should be Indicated by a minus sign. Round your answers to 1 decimal place. (l.e., .234 should be entered as 23.4). Sales Cost of goods sold Gross margin Operating expenses Income before taxes Income taxes Net income (loss) GIBSON CORPORATION Income Statements Year 3 Year 2 $ 1,295,000 $ 1,002,000 796,425 801.200 498,575 400,800 302,500 199,000 196,075 201,800 61,200 52,300 $ 134,875 S 149,500 Percentage Change 96 96

Gibson Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Gibson Corporation's Income statement components between the two years. Note: Negative amounts should be Indicated by a minus sign. Round your answers to 1 decimal place. (l.e., .234 should be entered as 23.4). Sales Cost of goods sold Gross margin Operating expenses Income before taxes Income taxes Net income (loss) GIBSON CORPORATION Income Statements Year 3 Year 2 $ 1,295,000 $ 1,002,000 796,425 801.200 498,575 400,800 302,500 199,000 196,075 201,800 61,200 52,300 $ 134,875 S 149,500 Percentage Change 96 96

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 40E: Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for...

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