Selected data from the financial statements are provided below:
Rags to Riches
-Refer to Rags to Riches. Which of the following would result from a vertical analysis of the company's income statement?
A) The accounts receivable turnover ratio is 7.76 in 2015.
B) Gross profit is 57.9% of net sales for 2015.
C) Cost of goods sold decreased $50,000 or 23.8% during 2015.
D) Net sales is 84.4% of total assets for 2015.
Correct Answer:
Verified
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