Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $277,000 $200,500 $ Less: Sales Returns 14,200 12,400 and Allowances 262,800 188,100 Cost of Goods Sold 31,900 33,800 60,300 55,500 92,200 89,300 43,000 60,200 49,200 29,100 213,600 159,000 Net Sales Merchandise Inventory Net Purchases Goods Available for Sale Less: Merchandise Inventory, Dec. 31 Cost of Goods Sold Gross Margin %

Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $277,000 $200,500 $ Less: Sales Returns 14,200 12,400 and Allowances 262,800 188,100 Cost of Goods Sold 31,900 33,800 60,300 55,500 92,200 89,300 43,000 60,200 49,200 29,100 213,600 159,000 Net Sales Merchandise Inventory Net Purchases Goods Available for Sale Less: Merchandise Inventory, Dec. 31 Cost of Goods Sold Gross Margin %

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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