1)Net income was $598,600 in the current year and $373,000 in the prior year The year-to-year percentage change in net income is closest to:

30%

62%

38%

60%

2) The following information is taken from the financial statements of a company for the current year:

Current assets$400,000 Total assets895,000 Cost of good sold655,000 Gross Profit205,000 Net income125,000 2

value:

On a common size income statement for the year, what is the percentage that would be shown next to the dollar amount of sales revenue?

3) A company’s comparative balance sheet show total assets of $990,000 and $900,000, for the current and prior years, respectively The percentage change to be reported in the horizontal analysis is an increase of:

10%

9%

5%

4%

4) What is the gross profit percentage for the current year (rounded to the nearest whole percent)?

76%

61%

31%

24%

5) On a common size income statement for this year, what is the percentage that would be shown next to the dollar amount of cost of goods sold?

31%

24%

76%

19%