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5 Book Hint Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. GOMEZ CORPORATION Comparative Income Statements Print For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % 包 Sales $ 740,000 100.0 $ 635,000 100.0 References Cost of goods sold 562,700 299,800 Gross profit 177,300 335,200 Operating expenses 129,200 269,600 Net income $ 48,100 $ 65,600 Income Statement Reason for Decline in Net Income >

5 Book Hint Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. GOMEZ CORPORATION Comparative Income Statements Print For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % 包 Sales $ 740,000 100.0 $ 635,000 100.0 References Cost of goods sold 562,700 299,800 Gross profit 177,300 335,200 Operating expenses 129,200 269,600 Net income $ 48,100 $ 65,600 Income Statement Reason for Decline in Net Income >

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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5 Book Hint Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. GOMEZ CORPORATION Comparative Income Statements Print For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % 包 Sales $ 740,000 100.0 $ 635,000 100.0 References Cost of goods sold 562,700 299,800 Gross profit 177,300 335,200 Operating expenses 129,200 269,600 Net income $ 48,100 $ 65,600 Income Statement Reason for Decline in Net Income >
Transcribed Image Text:5 Book Hint Express the following comparative income statements in common-size percents. Using the common-size percents, which item is most responsible for the decline in net income? Complete this question by entering your answers in the tabs below. Income Statement Reason for Decline in Net Income Express the following comparative income statements in common-size percents. Note: Round your percentage answers to 1 decimal place. GOMEZ CORPORATION Comparative Income Statements Print For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % 包 Sales $ 740,000 100.0 $ 635,000 100.0 References Cost of goods sold 562,700 299,800 Gross profit 177,300 335,200 Operating expenses 129,200 269,600 Net income $ 48,100 $ 65,600 Income Statement Reason for Decline in Net Income >
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