Homework Answers
Net income = sales revenue - cost of goods sold - expense
As the given values are in percentages, we can directly calculate Net income as
| 2018 | 2017 | 2016 | |
| sales revenue | 100% | 100% | 100% |
| less: COGS | 61.2 | 62.4 | 63.5 |
| less: expenses | 26.5 | 27.4 | 28.5 |
| Net income | 12.3% | 10.2% | 8% |
We can see from the above chart that the net income in 2016 of 8% increased to 10.2% in 2017 and further increased to 12.3% in 2018.
So as a whole we can conclude that
Net income as a percent of sales increase over 3 years period.
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