Selected Data from the Financial Statements Are Provided Below

question 85

Multiple Choice

Selected data from the financial statements are provided below:

-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 2020.
• B)Gross profit is 57.9% of net sales for 2020.
• C)Cost of goods sold decreased $50,000 or 23.8% during 2020.
• D)Net sales is 84.4% of total assets for 2020.

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Definitions:

Pointers

In computing, pointers are variables that store memory addresses of other variables or memory locations.

Flood Basalt

Vast plateaus formed by the eruption of large amounts of lava that solidifies on the surface.

Fissures/Dikes

narrow openings or fractures in the Earth's crust that allow magma to rise, solidifying as dikes.

Lava Tubes

Natural conduits formed by flowing lava moving beneath the hardened surface of a lava flow, often creating tunnel-like structures.