Flynn Corporation Had Net Income of $6,000,000 in 2012

question 103

Essay

Flynn Corporation had net income of $6,000,000 in 2012. Using 2012 as the base year, net income decreased by 70% in 2013 and increased by 140% in 2014.
Instructions
Compute the net income reported by Flynn Corporation for 2013 and 2014.

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Definitions:

Gallons

A unit of volume measurement used primarily in the United States to measure liquids.

Miles

A unit of length equal to 5,280 feet or approximately 1,609 meters, used primarily in the United States and the UK for measuring distances.

Gallon

A unit of volume for liquid measure equal to four quarts, used in both the US customary and British imperial systems.

Gasoline

A volatile, flammable liquid derived from petroleum, commonly used as fuel for engines.