Selected horizontal percentages of a base-year amount from Coastal Ltd.'s income statement are listed here: _______________________________2018.............2017...............2016 Net

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Selected horizontal percentages of a base-year amount from Coastal Ltd.'s income statement are listed here:

_______________________________2018.............2017...............2016

Net sales...................................110%.............101%..............100%

Cost of goods sold...................105%..............111%.............100%

Operating expenses....................99%...............112%............100%

Income tax expense.................136%.................60%.............100%

Assuming that Coastal did not have any non-operating or irregular items, did its net income increase, decrease, or remain unchanged over the period from 2016 to 2018? Explain.

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Financial Accounting Tools for Business Decision Making

ISBN: 978-1119368458

7th Canadian edition

Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine

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