Solve the problem. Round to the nearest tenth.

22) Find the percent increase (or decrease) in net sales from last year to this year for the income statement.

This Year Last Year

Percent Increase

(Percent Decrease)

Gross Sales $1,712,000 $1,548,000

Returns and allowances $15,000 $9000

Net Sales $1,697,000 $1,539,000

Cost of Goods Sold $1,162,000 $1,036,000

Gross Profit $535,000 $503,000

Total Operating Expenses $89,000 $75,000

Net Income $446,000 $428,000

A) 10.3% increase B) 10.3% decrease C) 10.6% increase D) 10.6% decrease

Solve the problem.

23) Jake's Janitorial Service the company assets are cash $26,000, accounts receivable $60,000, merchandise

inventory $70,000, equipment $96,000. The liabilities are accounts payable $19,000, wages payable $12,000;

mortgage note payable $87,000. The owner's capital is $134,000. Find the percent of total debt compared to total

assets.

A) 46.8% B) 61.9% C) 53.2% D) 42.1%

24) What is the current ratio for Brinks, Inc., which has current assets of $136,677 and current liabilities of $104,628?

Round to two decimal places.

A) 1.31 to 1 B) 0.23 to 1 C) 0.31 to 1 D) 0.77 to 1