1. Which of the following items is generally used as a base in vertical analysis to express as its percentage the line items on the balance sheet?

a.Owner's equity

b.Cost of goods sold

c.Depreciation expense

d.Total assets

2. Which of the following items is generally used as a base in vertical analysis to express as its percentage the line items on the balance sheet?

a.Depreciation expense

b.Owner's equity

c.Cost of goods sold

d.Total assets