Multiple Choice
Sunshine Farm Supply
Following are selected data from the financial statements of Sunshine Farm Supply: 
-Refer to the data for Sunshine Farm Supply.
Which of the following would result from a vertical analysis of its income statement?
A) Accounts receivable increased $22,000 or 57.9% during 2016.
B) Gross profit is 57.9% of net sales for 2016.
C) Cost of goods sold increased $50,000 or 23.8% during 2016.
D) Net sales increased $110,000 or 28.9% during 2016.
Correct Answer:
Verified
Correct Answer:
Verified
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