Question

If Hard in Parle Company had net income of $620,000 in 2017 and it experienced a 19% increase in net income over 2016, what was its 2016 net income? (Round answer to 0 decimal places, e.g. 5,250.)

Answer 1

$$521,008

Step-by-step explanation:

Calculation to determine what was its 2016 net income

2016 net income=0.19 =$620,000 – x/x

2016 net income=0.19x = $620,000 – x

2016 net income=(1+.19x)=$620,00-x

2016 net income=1.19x = $620,000

2016 net income=x=$620,00/1.19

2016 net income=x = $521,008

Therefore 2016 net income is $521,008