Compute the percentage changes in Hall Corporation’s income statement components

Question

Compute the percentage changes in Hall Corporation’s income statement components between the two years. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).)

Pecentage

Change

Hall Corporation reported the following operating results for two consecutive years. Required

Compute the percentage changes in Hall Corporation’s income statement components between the two years. (Negative answers should be indicated by a minus sign. Round your answers to 1 decimal place. (i.e., .234 should be entered as 23.4).)

2014 2013

Pecentage

Change

sales $1,000,000 $800,000 % cost of goods sold 630,000 500,000 % Gross Margin 370,000 300,000 % Operating Expenses 190,000 125,000 % Income before taxes 180,000 175,000 % income taxes 50,000 40,000 % Net income (Loss) $130,000 $135,000 %

Explanation / Answer

Pecentage

Change

2014 2013

Pecentage

Change

sales $1,000,000 $800,000 25% cost of goods sold 630,000 500,000 26% Gross Margin 370,000 300,000 23.3% Operating Expenses 190,000 125,000 34.21% Income before taxes 180,000 175,000 2.86% income taxes 50,000 40,000 25% Net income (Loss) $130,000 $135,000 -3.70%

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