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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.)

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abiolataiwo2015

Answer:

$521,008

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

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