salamagundi, inc. has the following income statement: For the year ended December 31, 2021 net sales: $160 Cost of goods sold: $100 gross profit: $60 Operating expenses: $40 Net income: $20 Using vertical analysis, what percentage is assigned to operating expenses? a. 25% b. 40% c. 66.7%
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salamagundi, inc. has the following income statement:
For the year ended December 31, 2021
net sales: $160
Cost of goods sold: $100
gross profit: $60
Operating expenses: $40
Net income: $20
Using vertical analysis, what percentage is assigned to operating expenses?
a. 25%
b. 40%
c. 66.7%
d. 200%
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