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The following information is taken from the financial statements of a company for the current year: Current assets $401,000 Total assets 896,000 Cost of good

The following information is taken from the financial statements of a company for the current year:

Current assets $401,000
Total assets 896,000
Cost of good sold 656,000
Gross Profit 206,000
Net income 126,000

1.

On a common size 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-61%

D-Cannot be determined

2.

What is the gross profit percentage for the current year (rounded to the nearest whole percent)?

A-76%

B-61%

C-31%

D-24%

3.

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-19%

B-76%

C-24%

D-31%

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