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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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