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Over A Four Year Period Jackie Corporation Reported The Following Series
Over A Four Year Period Jackie Corporation Reported The Following Series
Over a four-year period, Jackie Corporation reported the following series of gross profits.
Required:
1. Calculate the gross profit ratio for each of the four years based on amounts originally
reported.
2. Calculate the gross profit ratio for each of the four years based on corrected amounts.
Describe the trend in the gross profit ratios based on the original amounts versus the corrected
amounts.
3. Total gross profit over the four-year period based on the amounts originally reported equals
$136,000 (= $28,000 + $20,000 + $46,000 + $42,000). Compare this amount to total gross profit
over the four-year period based on the correctedamounts.
Over a four year period Jackie Corporation reported the following series
ANSWER
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