1-64SOLUTIONS TO ANALYZE, THINK, COMMUNICATE–CHAPTER 1ATC 1–1(All dollar amounts are in millions.)a.$2,937b.Net income increased by $23STOCKHOLDERS’c.ASSETS=LIABILITIES+EQUITY$41,290=$29,993*+$11,297* Liabilities must be computed by subtracting equity from assets.d.Sales increased by3.7% from2017to2018.($74,443$71,786)$71,786 = 3.7%Cost of sales increased by 4.3% from2017to2018.($53,299$51,125)$51,125 =4.3%Selling, general and administrative expensesincreasedby3.9% from2017to2018.($15,723$ 15,140)$ 15,140 = 3.9%The largest percentage increase wasfor cost ofsalesexpenses.
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