calculate the percent change in net income from quarter 1 to quarter 2 from the following income statement…

calculate the percent change in net income from quarter 1 to quarter 2 from the following income statement information: q1 (x1000) q2 (x1000) net sales 115 125 cogs 30 31 gross profit 85 94 overhead 32 41 net income 53 53 percent change = ?% enter your answer as a percent rounded to the nearest tenth.

calculate the percent change in net income from quarter 1 to quarter 2 from the following income statement information: q1 (x1000) q2 (x1000) net sales 115 125 cogs 30 31 gross profit 85 94 overhead 32 41 net income 53 53 percent change = ?% enter your answer as a percent rounded to the nearest tenth.

Answer

Explanation:

Step1: Identify the formula

Percent change = $\frac{\text{New value}-\text{Old value}}{\text{Old value}}\times100%$

Step2: Determine old and new values

Old net - income (Q1) = 53000, New net - income (Q2) = 53000

Step3: Substitute values into formula

Percent change = $\frac{53000 - 53000}{53000}\times100%$ Percent change = $\frac{0}{53000}\times100%=0%$

Answer:

0.0%