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Compute percentage changes in toby corporation statement

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Reference no: EM133086001

Question - Toby Corporation reported the following operating results for two consecutive years.

 

2015

2016

Sales

460,000

400,000

Cost of goods sold

264,000

254,000

Gross margin

196,000

146,000

Operating expenses

75,000

65,000

Income before taxes

121,000

81,000

Income taxes

55,000

31,600

Net income

66,000

49,400

1. Compute the percentage changes in Toby Corporation's income statement components for two years.

2. Comment on apparent trends revealed by the percentage changes in letter a.

Reference no: EM133086001

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