If Soule Company had net income of \$585,000 in 2011 and it experienced a 30% increase in net income over 2010, what was its 2010 net income? \$ Click here if you would like to Show Work for this
question
If the 2011 income of \$585,000 is a 30% increase over 2010 income, the income for 2010 was \$450,000. 1.3x = 585000 x = 585000/1.3 x = 450000
Original conversation
User: If Soule Company had net income of \$585,000 in 2011 and it experienced a 30% increase in net income over 2010, what was its 2010 net income? \$ Click here if you would like to Show Work for this question

Weegy: The 2010 income would be: \$760,500. [585 000 + (585 000 x .30) = 760 500]

Question
Updated 3/11/2012 11:21:39 AM
This conversation has been flagged as incorrect.
Rating
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If the 2011 income of \$585,000 is a 30% increase over 2010 income, the income for 2010 was \$450,000.
1.3x = 585000
x = 585000/1.3
x = 450000
Confirmed by andrewpallarca [4/1/2014 8:33:52 AM]
Oops, you are correct there deb. For some reason, I thought 2011 was 2009. Sorry for that. And thanks! :)
Questions asked by the same visitor
Horizontal analysis (trend analysis) percentages for Epstein Company's sales, cost of goods sold, and expenses are shown below. Horizontal Analysis 2011 2010 2009 Sales 96.2 106.8 100.0 Cost of goods sold 102.0 97.0 100.0 Expenses 109.6 98.4 100.0 Did Epstein's net income increase, decrease, or remain unchanged over the 3-year period? From 2009 to 2010 increaseddecreasedremain unchanged From 2010 to 2011 increasedremain ...
Question
Updated 3/10/2012 12:32:24 PM
[Deleted]
Epsteins' net income from 2009 to 2010, is a negative growth income. This means that the company did not earn form the operation but company loses is lower as compared to the previous year(2009).

Epsteins' net income from 2010 to 2011, it is still a negative growth in income but this time, loses from the operations is higher compared to the previous year (2010)

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