Question Details

Compute the net income reported by Cline Corporation 



Ex. 1
Comparative information taken from the Walters Company financial statements is shown below:
2002 2001
(a) Notes receivable $ 20,000 $ -0-
(b) Accounts receivable 182,000 140,000
(c) Retained earnings 30,000 (40,000)
(d) Income taxes payable 45,000 20,000
(e) Sales 900,000 750,000
(f) Operating expenses 170,000 200,000
Instructions
Using horizontal analysis, show the percentage change from 2001 to 2002 with 2001 as the base
year.
Ex. 2
Cline Corporation had net income of $2,000,000 in 2001. Using 2001 as the base year, net
income decreased by 70% in 2002 and increased by 175% in 2003.
Instructions
Compute the net income reported by Cline Corporation for 2002 and 2003.



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