Gingerbread Inc. reported the following selected financial information for the current year:

Net Sales

$$850,000$

Gross Profit

$450,000$

Net Income

$200,000$

Total Assets

$1,875,000$

Accounts Payable

$245,000$

Total Liabilities

$1,200,000$

If Gingerbread were preparing a vertical analysis, what percentage would be reported for Net Income on the Income Statement?

ANSWER

Unselected

$23\mathrm{.}5\%$

Unselected

$16\mathrm{.}67\%$

Unselected

$10\mathrm{.}7\%$

Unselected

$100\%$

Unselected

I DON'T KNOW YET