FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question

3

Consider the following income statement data for Carla Vista Inc.: 2024 2023 Sales revenue $99300 $89800 Less: Cost of goods sold 48100 54900 Gross profit 51200 34900 Less: Selling and administration costs 24825 18200 Net Income $26375 $16700 The common-size percentage for selling and administration costs in 2024 was Select answer from the options below 48.5% 25.0% 23.5% 94.1%
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Transcribed Image Text:Consider the following income statement data for Carla Vista Inc.: 2024 2023 Sales revenue $99300 $89800 Less: Cost of goods sold 48100 54900 Gross profit 51200 34900 Less: Selling and administration costs 24825 18200 Net Income $26375 $16700 The common-size percentage for selling and administration costs in 2024 was Select answer from the options below 48.5% 25.0% 23.5% 94.1%
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Step 1: Define Common-size financial statement
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Step 2: Computation of Common-size percentage for selling and administration costs in 2024 is as follows:
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