ill Sprint 7:11 PM * 68%! edugen.wileyplus.com WileyPLUS payout ratio Google Sea

ID: 2610527 • Letter: I

Question

ill Sprint 7:11 PM * 68%! edugen.wileyplus.com WileyPLUS payout ratio Google Search NFL Football Teams, Scores, Stats, N... Brief Exercise 12-3 The Following T-a.. Kimmel, Accounting, 6e CALCULATOR PRINTER VERSIONBACK ASSIGNMENT RESOURCES Brief Exercise 13-7 Week 4 Homework Your answer is incorrect. Try again. If Blossom Company had net income of $357,000 in 2017 and it experienced a 19% increase in net income over 2016, what was its 2016 net income? 2016 Net Income 289170 E Brief Exercise 13-4 Click if you would like to Show Work for this question: Review Score Objective Question Attempts: 2 of 3 used SAVE FOR LATER SUBMIT ANSWER

Explanation / Answer

Particulars

2017

2016

Net Income

357000

300000
(357000/119%)

Percentage Increase in net income

19%

Net income in 2017 represents 119% of 2016 net income. Therefore, we have to divide the 2017 net income by 119% in order to get 2016 net income. Accordingly the 2016 net income is $ 300000.