A corporation reported cash of $14,000,total assets of $178,300,and net income of $50,000.Its common-size percent for cash equals 7.85%.

Name: A corporation reported cash of $14,000,total assets of $178,300,and net income of $50,000.Its common-size percent for cash equals 7.85%.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The common-size percent for cash is calculated by dividing the cash amount by the total assets and multiplying by 100%. In this case, (14,000 ÷ 178,300) x 100% = 7.85%. Therefore, the statement is true.

A Corporation Reported Cash of $14,000,total Assets of $178,300,and Net