Multiple Choice Question 62 Waterway, Inc. has the following income statement (in millions): Waterway, Inc. Income Statement For the Year Ended December 31, 2019 Net Sales $360 Cost of Goods Sold 210 Gross Profit 150 Operating Expenses 24 Net Income $126 Using vertical analysis, what percentage is assigned to Net Income? 1500% 42% O 35% O None of these answer choices are correct Multiple Choice Question 75 Crane Clothing Store had a balance in the Accounts Receivable account of $490000 at the beginning of the year and a balance of $540000 at the end of the year. Net credit sales during the year amounted to $4120000. The average collection period of the receivables in terms of days was 0 365 days. 47.8 days. 43.4 days. 45.6 days RIBE