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Solution

Particulars

2017

2016

Net Income

357000

300000
(357000/119%)

Percentage Increase in net income

19%

Net income in 2017 represents 119% of 2016 net income. Therefore, we have to divide the 2017 net income by 119% in order to get 2016 net income. Accordingly the 2016 net income is $ 300000.

Particulars	2017	2016
Net Income	357000	300000 (357000/119%)
Percentage Increase in net income	19%
Net income in 2017 represents 119% of 2016 net income. Therefore, we have to divide the 2017 net income by 119% in order to get 2016 net income. Accordingly the 2016 net income is $ 300000.