Table 18-1
A company reported $175,000 of net income for 2015, $245,000 for 2016, and $220,500 for 2017.
-Refer to Table 18-1.The percentage change in net income from 2016 to 2017 was:
A) (11.11)%
B) 11.11%
C) (10.00)%
D) 10.00%

Question

Quizplus · Accepted Answer

To calculate the percentage change in net income from 2016 to 2017, we need to use the formula: ((new value - old value) / old value) x 100%. Plugging in the values, we get ((220,500 - 245,000) / 245,000) x 100% = -10.00%. Therefore, the correct answer is C.

Table 18-1 A Company Reported $175,000 of Net Income for 2015, $245,000