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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
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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
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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
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]
Expert answered
patmarone
Points 3997
Question
Asked 3/10/2012 10:36:51 AM
Updated 3/11/2012 11:21:39 AM
2 Answers/Comments
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debnjerry
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
Added 3/10/2012 11:00:42 AM
This answer has been confirmed as correct, not copied, and helpful.
Confirmed by
andrewpallarca
[4/1/2014 8:33:52 AM]
Comments
patmarone
Oops, you are correct there deb. For some reason, I thought 2011 was 2009. Sorry for that. And thanks! :)
Added 3/11/2012 11:21:39 AM
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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 3year period? From 2009 to 2010 increaseddecreasedremain unchanged From 2010 to 2011 increasedremain ...
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Not Answered
Updated 3/10/2012 12:32:24 PM
2 Answers/Comments
samn
[Deleted]
Added 3/10/2012 12:30:35 PM
samn
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).
Answer: Increase
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)
Answer Decrease
Added 3/10/2012 12:32:52 PM
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