Metlock, Inc. has the following Income Statement (in millions): METLOCK, INC. Income Statement For the Year Ended December 31, 2023 Net Sales $178 Cost of Goods Sold 119 Gross Profit 59 Operating Expenses 40 Net Income $ 19 Using vertical analysis, what percentage is assigned to net sales? 100% 50% Can't be computed 150%

FINANCIAL ACCOUNTING
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ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Metlock, Inc. has the following Income Statement (in millions):
METLOCK, INC.
Income Statement
For the Year Ended December 31, 2023
Net Sales
$178
Cost of Goods Sold
119
Gross Profit
59
Operating Expenses
40
Net Income
$ 19
Using vertical analysis, what percentage is assigned to net sales?
100%
50%
Can't be computed
150%
Transcribed Image Text:Metlock, Inc. has the following Income Statement (in millions): METLOCK, INC. Income Statement For the Year Ended December 31, 2023 Net Sales $178 Cost of Goods Sold 119 Gross Profit 59 Operating Expenses 40 Net Income $ 19 Using vertical analysis, what percentage is assigned to net sales? 100% 50% Can't be computed 150%
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