McNally Industries Has a Condensed Income Statement as Shown

question 154

Multiple Choice

McNally Industries has a condensed income statement as shown.​ Using horizontal analysis,calculate the amount and percent change for sales.Round to one decimal place.

• A)$32,500, 19.6%
• B)$18,000, 10.9%
• C)$35,000, 17.7%
• D)$17,000, 9.4%

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Definitions:

Market Transactions

Actions that involve the exchange of goods or services for money, conducted within a marketplace.

GDP

Known as Gross Domestic Product, it is the sum of the market or money value of all produced finished goods and services within the territorial limits of a country in a given time span.

Real GDP

Gross Domestic Product adjusted for inflation, measuring the value of all goods and services produced by an economy in a given year in real terms.

Final Good

A product or service that is consumed by the end-user and does not require further processing or manufacturing.