The Following Information Is Taken from the Financial Statements of Clybourn

question 153

Multiple Choice

The following information is taken from the financial statements of Clybourn Company for the current year: $\begin{array}{lr}\text { Current Assets } & \$ 32,000 \\\text { Total Assets } & 1,424,000 \\\text { Cost of Goods Sold } & 1,040,000 \\\text { Gross Profit } & 320,000 \\\text { Net Income } & 192,000\end{array}$ On a common size income statement for this year,what is the percentage that would be shown next to the dollar amount of cost of goods sold?

• A)76%
• B)24%
• C)31%
• D)18%

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Definitions:

Guess

An estimate or conjecture made without sufficient information for certainty.

Bull's-eye

A target center aimed at in games such as darts, denoting precision and focus.

Standard Deviation

A representation of the scale of fluctuation or diversity among variables in a data series.

Archer

A person who practices archery, the skill of using a bow to shoot arrows.