Sales are $2.54 million in 2023, $2.64 million in 2024, and $2.44 million in 2025.What is the percentage change from 2023 to 2024? What is the percentage change from 2024 to 2025? Be sure to indicate whetherthe percentage change is an increase or a decrease. (Round your answers to 1 decimal place.)2023 to 20242024 to 2025PercentageChange%%Increase or Decrease

Change in amount from 2023 to 2024 = sales in 2024 - sales in 2023 = $2.64 - $2.54 = $0.10…

Answered: Sales are $2.54 million in 2023, $2.64…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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¥¥¥¥answer
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Qw.02. Compute trend percents for the following accounts using 2020 as the base year. For each of the three accounts, state whether the situation as revealed by the trend percents appears to be favourable or unfavourable Sales Cost of goods sold Accounts receivable Numerator: 2024: 2023: Numerator: 2024 $ 463,414 234,107 22,522 2024: 2023: 2022: 2021: 2020: Is the trend percent for Net Sales favourable or unfavourable? Numerator: I 1 1 1 Trend Percent for Net Sales: 2023 $ 306,897 155,099 17,861 1 1 1 I 1 2022 2021 $ 249,510 $ 175,095 128,255 89,348 10,226 17,042 Trend Percent for Cost of Goods Sold: Denominator: 2024: 2023: 2022: 2021: 2020: Is the trend percent for Cost of Goods Sold favourable or unfavourable? 7 Denominator: 7 1 Trend Percent for Accounts Receivable: Denominator: 2022: 2021: 2020: Is the trend percent for Accounts Receivable favourable or unfavourable? = E # = S U = E = = 2020 $ 129,700 64,850 8,871 Trend percent Trend percent Trend percent 1% %6 % % % % 196 196 56…

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