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The following is selected balance sheet and income statement information for Lopez Company for 2016:
- The following is selected balance sheet and income statement information for Lopez Company for 2016:
Current Assets $48,062
Gross Profit on Sales $200,680
Net Sales $450,009
Net Income $45,216
Average Total Assets $273,710
Average Common Stockholders' Equity $151,668
Lopez Company's gross profit percentage is 44.6%
True
False
2）The following is selected balance sheet and income statement information for Lopez Company for 2016:
Current Assets $48,062
Gross Profit on Sales $200,680
Net Sales $450,009
Net Income $45,216
Average Total Assets $273,710
Average Common Stockholders' Equity $151,668
Lopez Company's return on sales is 20%
True
False
3）Income effects of discontinued operations are reported separately from continuing operations on the income statement.
True
False
