Saki Kale Farms Has Net Income of $96,320, Total Assets

question 15

Multiple Choice

Saki Kale Farms has net income of $96,320, total assets of $975,200, total equity of $555,280, and total sales of $1,141,275.What is the common-size percentage for the net income?

• A)7.90 percent
• B)8.44 percent
• C)13.88 percent
• D)48.65 percent
• E)74.57 percent

---

Definitions:

Approved Vendor

A supplier that has been vetted and authorized by a company to provide goods or services.

Receiving Report

A document that records the details of goods received by a company, ensuring the quantities and quality match the purchase order.

Initial Record

The first entry or documentation of a transaction or event in the accounting records.

Retail Inventory Method

An accounting method used to estimate the value of a store's merchandise by converting retail prices to cost prices.