User: Which of the following statements is not correct? (Points : 5) The gross profit percentage is calculated by dividing the gross profit for the year by the net sales for the year. The average inventory is calculated by adding the beginning inventory to the ending inventory and dividing the sum by 2. A current ratio of 3.5 to 1 means that a firm has $3.50 in current liabilities for every $1 of current assets. All of these statements are correct.

Note: ... percentage of total assets. Net income is equal to sales ... calculated by dividing ... year, even sales of returned items and refunded services. You can calculate gross profit ... [www.ehow.com/calculations/]
Auto answered|Score .5613

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