How is a common-size income statement prepared?
a. Each income statement item is expressed as a percentage of total assets.
b. Each income statement item is expressed as a percentage of net sales.
c. Each income statement item is expressed as a percentage of net income.
d. Each income statement item is expressed as a percentage of cash flow.
Question 2
The person to whom a check is drawn is referred to as the payee.
a. True
b. False
Indicate whether the statement is true or false
