Question: Please explain why the answer is correct and why the other ones are incorrect! Thank you! 1 1) Component percentages indicate the relative size of

Please explain why the answer is correct and why the other ones are incorrect! Thank you!

1 1) Component percentages indicate the relative size of each item included in a total. Which of the following statements is true? A) Income statement items are expressed as a percentage of gross income, while balance sheet items are expressed as a percentage of total assets. *B) Income statement items are expressed as a percentage of net sales, while balance sheet items are expressed as a percentage of total assets. C) Income statement items are expressed as a percentage of net income, while balance sheet items are expressed as a percentage of net assets. D) Both income statement and balance sheet items are expressed as a percentage of net assets

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