Salamagundi, Inc. has the following Income Statement (in millions) :
SALAMAGUNDI, INC.
Income Statement
For the Year Ended December 31, 2017
Net Sales $160
Cost of Goods Sold 100
Gross Profit 60
Operating Expenses 40
Net Income $ 20
Using vertical analysis, what percentage is assigned to net sales?
A) 160%
B) Can't be computed.
C) 60%
D) 100%
Correct Answer:
Verified
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