Express the following comparative income statements in common-size percents. D esponsible 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. Sales Cost of goods sold Gross profit Operating expenses Net Income GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year % 100.0 Current Year S $ $ 740,000 568,100 171,900 128,000 43,900 Prior Year $ $ $ 690,000 291,000 399,000 226,400 172,600 Prior Year %

Express the following comparative income statements in common-size percents. D esponsible 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. Sales Cost of goods sold Gross profit Operating expenses Net Income GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year % 100.0 Current Year S $ $ 740,000 568,100 171,900 128,000 43,900 Prior Year $ $ $ 690,000 291,000 399,000 226,400 172,600 Prior Year %

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter17: Financial Statement Analysis

Section17.1: Vertical Analysis Of An Income Statement

Problem 1OYO

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The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
Subject: acounting
Express the following comparative income statements in common-size percents.Using the common-size percentages, which item is most responsible for the decline in net income?Express the following comparative income statements in common-size percents. (Round your percentage answers to 1 decimal place.)
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Comparative Income Statement Use the following comparative income statement form to enter amounts you identify from the computations on the Liquidity and Solvency Measures part and on the Profitability Measures part. Compute any missing amounts and complete the horizontal analysis columns. Enter percentages as decimal amounts, rounded to one decimal place. When rounding, look only at the figure to the right of one decimal place. If 5, round up. For example, for 32.048% enter 32.0%. For 32.058% enter 32.1%. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other expense (interest) Income before income tax expense Income tax expense Net income Comparative Income Statement For the Years Ended December 31, 20Y6 and 20Y5 $ 20Y6 8,250,000 X (1,242,000) 20Y5 $7,287,000 (3,444,000) $3,843,000 $(1,457,600) (1,106,000) $(2,563,600) $1,279,400 (120,600) $1,158,800 (181,980) $976,820 $ $ $ Increase/(Decrease) Amount 823,000 X…
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 tes Express the following comparative Income statements in common-size percents. (Round your percentage answers to 1 decimal place.) GOMEZ CORPORATION Comparative Income tatements For Years Ended December 31 Current Year $ Current Year % Prior Year $ Prior Year % Sales 735,000 645,000 570,800 282,200 362,800 269,600 Cost of goods sold Gross profit 164,200 Operating expenses 128,000 Net income 36,200 93,200
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In a common-sized income statement, 100% is the a. net cost of goods sold b. gross profit c. sales d. net income
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