The Stemple Corporation data for the current year:
Account Current year Prior year
Cash $51,240 $42,000
A/R $73,800 $60,000
Mdse. Inventory $67,500 $50,000
Current liabilities $41,400 $30,000
Long-term liabilities $26,600 $28,000
Common stock (5,000 shares) $41,000 $35,000
Retained earnings $83,540 $59,000
Net sales revenue $595,000 $500,000
COGS $480,000 $400,000
Gross Profit $115,000 $100,000
Selling/General expenses $44,000 $50,000
Net income before taxes $71,000 $50,000
Income tax expense $16,500 $15,000
Net Income $54,500 $35,000
What would a horizontal analysis report with respect to selling/general expenses show?
A) A 13.64% increase
B) Selling/general expenses as 7.39% of net sales revenue
C) A current ratio of 1.24
D) A 12% decrease
D
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A corporate name cannot contain the word University if it is not authorized to conduct the business of granting undergraduate and graduate degrees
Indicate whether the statement is true or false