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Author Question: When preparing a vertical analysis of an income statement, the "base" is gross sales. (Read 184 times)

HCHenry

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Question 1

>Speedy Cleaning Service had a cost of beginning inventory of $40,000, net sales of $248,000, and gross sales of $465,000. Find the beginning inventory percent of net sales and gross sales percent of net sales.
◦ beginning inventory percent of net sales: 16.1%, gross sales percent of net sales: 61.9%
◦ beginning inventory percent of net sales: 61.9%, gross sales percent of net sales: 16.1%
◦ beginning inventory percent of net sales: 187.5%, gross sales percent of net sales: 16.1%
◦ beginning inventory percent of net sales: 16.1%, gross sales percent of net sales: 187.5%

Question 2

When preparing a vertical analysis of an income statement, the "base" is gross sales.
◦ True
◦ False


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Marked as best answer by HCHenry on Feb 26, 2020

aloop

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HCHenry

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Reply 2 on: Feb 26, 2020
YES! Correct, THANKS for helping me on my review


nathang24

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Reply 3 on: Yesterday
Great answer, keep it coming :)

 

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