Prepare a horizontal analysis of the comparative income statement of Bright Tutoring Inc. Round percentage changes to
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Prepare a horizontal analysis of the comparative income statement of Bright Tutoring Inc. Round percentage changes to the nearest one-tenth percent. Why was the percentage increase in net income higher than that in total revenue during 2020?
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BRIGHT TUTORING INC. Income Statement For the Years Ended December 31, 2020 and 2019 2020 2019 Net sales $533,000 $465,000 Expenses Cost of goods sold Selling and general expenses 235,000 202,000 140,000 135,000 Interest expense 10,000 6,000 Wages expense 51,000 41,000 Total expenses 436,000 384,000 Net income $ 97,000 $ 81,000
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Related Book For
Horngrens Accounting
ISBN: 9780135359785
11th Canadian Edition Volume 2
Authors: Tracie Miller Nobles, Brenda Mattison, Ella Mae Matsumura, Carol A. Meissner, Jo Ann Johnston, Peter R. Norwood
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