Question

In a common size income statement, each item on the income statement is expressed as a percentage of:_______.A. Net income.B. Gross margin (gross profit).C. Total expenses.D. Sales revenue.

Answer 1

D. Sales revenue.

Step-by-step explanation:

An income statement can be defined as a document that is used to record the amount of money entering into a business.

In a common size income statement, each item on the income statement is expressed as a percentage of sales revenue.