Income Statement

Sales $6,000$

Cost of Sales $3,516$

Gross Margin $2,484$

Selling Exp $1,092$

Admin Exp $618$

Net Income $774$

What is the common$-$size percentage for each of the above? Use a $"\%"$ after the number with no space between the number and the $"\%".$ If the answer is not a round percentage, go to one decimal point. E$.$g$.,100\%,90\%,$ or $28\mathrm{.}3\%.$ Round to the nearest tenth.

Answer rating: 100% (QA)

To calculate the commonsize percentage for each item on the income statement we div... View the full answer