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3 years ago

Korte Company reported the following information for 2014:

Business

1 answer:

sergejj [24]3 years ago

4 0

Answer: For 2014, Korte would report comprehensive income of $341,000.

Explanation:

Korte Company

Comprehensive income statement for 2014 (extract)

Sales revenue $1,500,000

Cost of goods sold (1,050,000)

Gross profit 450,000

Operating expenses (165,000)

<em>Other income:</em>

Unrealised gain on AFS securities 50,000

Dividends received 6,000

Comprehensive income $341,000

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3 years ago

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3 years ago

Net income was $490,000 in 2018, $460,600 in 2019, and $515,872 in 2020. What is the percentage of change from (a) 2018 to 2019,

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Answer:

a. The percentage of change from 2018 to 2019 is 6%

The change is an decrease.

b. The percentage of change from 2019 to 2020 is 12%

The change is an increase.

Explanation:

The amount net income of change from 2018 to 2019:

Net income in 2019 - Net income in 2018 = $460,600 - $490,000 = -$29,400<0

The percentage of change from 2018 to 2019 = ($29,400/$490,000) x 100% = 6%

The change is an decrease.

The amount net income of change from 2019 to 2020:

Net income in 2020 - Net income in 2019 = $515,872 - $460,600 = $55,272>0

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The change is an increase.

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3 years ago

Read 2 more answers