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