Pettit Corporation reported the following operating results for two consecutive years.Required: Compute the percentage changes in Pettit Corporationâs income statement components...
Swatz2| Pettit Corporation reported the following operating results for two consecutive years. |
| Required: |
Compute the percentage changes in Pettit Corporation’s income statement components between the two years. (Negative percentages should be indicated with a minus sign. Leave no cells blank - be certain to enter "0" wherever required. Round your answers to 2 decimal places. Omit the "%" sign in your response.) |
| Pettit Corporation | |||
| Income Statements | |||
| 2011 | 2010 | % Change | |
| Sales | $1,240,000 | $1,000,000 | [removed] |
| Cost of goods sold | 732,000 | 600,000 | [removed] |
| Gross margin on sales | 508,000 | 400,000 | [removed] |
| Operating expenses | 308,000 | 200,000 | [removed] |
| Income before taxes | 200,000 | 200,000 | [removed] |
| Income taxes | 60,000 | 53,000 | [removed] |
| Net income | $140,000 | $147,000 | [removed] |
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