Question
The following information is taken from the financial statements of a company for the current year: Current assets $405,000 Total assets 900,000 Cist of good
The following information is taken from the financial statements of a company for the current year: Current assets $405,000 Total assets 900,000 Cist of good sold 660,000 Gross Profit 210,000 Net Income 130,000; On a common sixe income statement for the year, what is the percentage that would be shown next to the dollar amount of sales revenue? a. 100% b. 15% c. 62% d. Cannot de determined (b) What is the gross profit percentage for the current year (round to the nearest whole percent)? a. 76% b. 31% c. 62% d. 24% (C) On a common size income statement for this year, what is the percentage that would be shown next to the dollar amount of cost of goods sold? a.20% b. 24% c. 76% d. 31%
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