if pharoah company had net income of $313,500 in 2022 and it experienced a 14% increase in net income over 2021, $270,000 was its 2021 net income.
net income of company in 2022 = $313,500
14% increase in net income over 2021,
2021 Net income =net income in 2022 / 116 * 100
= $313,200 / 116 * 100
= $270,000
Pharoah Company 2021 Net income = $270,000
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