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 >

Cornerstones of Financial Accounting
4th Edition
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Jay Rich, Jeff Jones
Chapter10: Stockholder's Equity
Section: Chapter Questions
Problem 78E: Ratio Analysis Consider the following information. Required: Calculate the stockholder payout...
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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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