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Selected Data from the Financial Statements Are Provided Below

Question 10

Multiple Choice

Selected data from the financial statements are provided below:
Rags to Riches
Selected data from the financial statements are provided below: Rags to Riches -Refer to Rags to Riches. Which of the following would result from a horizontal analysis of the company's income statement? A) Cost of goods sold is 42.1% of net sales for 2015. B) Gross profit is 57.9% of net sales for 2015. C) Cost of goods sold decreased 23.8% from 2014 to 2015. D) Inventory decreased $4,000 or 20% during 2014.
-Refer to Rags to Riches. Which of the following would result from a horizontal analysis of the company's income statement?


A) Cost of goods sold is 42.1% of net sales for 2015.
B) Gross profit is 57.9% of net sales for 2015.
C) Cost of goods sold decreased 23.8% from 2014 to 2015.
D) Inventory decreased $4,000 or 20% during 2014.

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