Common-size analysis is based on the preparation of common-size financial statements, i.e., a balance sheet presented in percentage of a base figure (indexed as 100). What is generally the base used...

Common-size analysis is based on the preparation of common-size financial statements, i.e., a balance sheet presented in percentage of a base figure (indexed as 100). What is generally the base used for analyzing the statement of financial position/balance sheet? (a) Net income (b) Net sales (c) Total assets (d) Total liabilities (e) None of these