Manero Company Included the Following Information in Its Annual Report

question 99

Multiple Choice

Manero Company included the following information in its annual report:
$\begin{array}{lrrr}&2014&2013&2012\\\text { Sales } & \$ 178,400 & \$ 162,500 & \$ 155,500 \\\text { Cost of goods sold } & 115,000 & 102,500 & 100,000 \\\text { Operating expenses } & 50,000 & 50,000 & 45,000 \\\text { Net income } & 13,400 & 10,000 & 10,500\end{array}$
-In a common size income statement for 2014,the operating expenses are expressed as

• A)28.0%
• B)30.3%
• C)43.8%
• D)100.0%

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Definitions:

Positive Descriptions

Refers to expressions or statements that convey favorable qualities or attributes of a subject.

Praise

An expression of approval, commendation, or admiration.

Failures

Instances of not achieving a desired or intended outcome, often used as learning opportunities.

Heteronomous Morality

Piaget’s term for young children’s tendency to define morality in terms of objective consequences and externally imposed controls.