Question: Stuart Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Stuart Corporation's income statement components between the

 Stuart Corporation reported the following operating results for two consecutive years:

Stuart Corporation reported the following operating results for two consecutive years: Required a. Compute the percentage changes in Stuart Corporation's income statement components between the two years. (Negative amounts should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).) STUART CORPORATION Income Statements Percentage Change Year 2 Year 3 Sales 1,298,000 1,003,500 Cost of goods sold 798,270 602,100 Gross margin 499,730 401,400 Operating expenses 301,000 196,500 Income before taxes 198,730 204,900 Income taxes 52,900 61,500 137,230 $ 152,000 Net income (loss) %

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